Kirby, K-Sea consolidate barge operations
Tank barge company Kirby Corp. said Friday it finalized the purchase of K-Sea Transportation Partners LP, which will operate as an independent subsidiary.
The $604 million deal was first announced in mid-March. It was financed through a combination of a bank term loan and the issuance of Kirby stock.
Houston-based Kirby, which specializes in moving commodities on inland waterways, paid $228 million in cash to K-Sea stockholders, $263 million to retire K-Sea's debt and $113 million in stock. K-Sea, based in East Brunswick, N.J., handles shipments of petroleum and other bulk commodities along the U.S. coasts as well as Alaska and Hawaii.
Kirby, K-Sea consolidate barge operations
