Kirby Corp. to acquire Higman Marine
Date: Tuesday, February 6, 2018
Houston-based Kirby Corp., the country's largest operator of tank barges, announced Sunday that it is acquiring local competitor Higman Marine in a $419 million cash deal.
Higman's fleet, also based in Houston, consists of 159 inland tank barges, with 4.8 million barrels of capacity, and 75 inland towboats. It transports petrochemicals, refined petroleum products, crude oil, natural gas condensate and black oil on the Mississippi River System and Gulf Intracoastal Waterway for large midstream and global integrated oil companies.
The deal, expected to close in the first quarter, will be financed through additional borrowings.
"Overall, as the inland market begins its recovery, the timing of the Higman acquisition is ideal as it will further upgrade our fleet and ultimately allow Kirby to emerge from the downturn larger, more efficient, and better able to serve our customers," David Grzebinski, Kirby's president and CEO, said in the news release.
Kirby's stock closed at $77.75 on Monday, up 2.71 percent.
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