KIRBY CORP acquires Targa Resources Corp. inland tank barge business

KIRBY CORP acquired Targa Resources Corp. inland tank barge business for $69,250,000 in cash, a transaction completed in May 2018, structured as all cash. The deal was a Asset purchase.

Targa Resources Corp. inland tank barge business operates in Marine transportation (inland), is based in Gulf Coast inland waterways, USA. The inland tank barge business of Targa Resources Corp., purchased from a subsidiary of Targa. The fleet consisted of 16 pressure barges with a total capacity of 258,000 barrels, many of which were under multi-year contracts.

Added a fleet of specialized pressure barges to Kirby's inland marine transportation operations.

Specialized pressure-barge capacity under multi-year contracts. Integrated into Kirby's existing inland pressure-barge operations. Kirby inland marine transportation segment Kirby Q2 2018 earnings release: 'During the second quarter, we completed the integration of Higman Marine and the Targa pressure barges, and I'm happy to report that both had a positive contribution to second quarter earnings.'

On May 10, 2018, the Company completed the purchase of Targa Resources Corp.'s ('Targa') inland tank barge business from a subsidiary of Targa for $69,250,000 in cash. Targa's inland tank barge fleet consisted of 16 pressure barges with a total capacity of 258,000 barrels, many of which were under multi-year contracts.Kirby Corporation FY2020 10-K, acquisitions disclosure

Advisory firms were not disclosed for this transaction.

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