Kirby agrees to buy Higman Marine

The Houston-based Kirby Corporation announced the signing of a definitive agreement to acquire Higman Marine Inc. of Mobile, Ala., and its affiliated companies for about $419M in cash, subject to certain closing adjustments. The purchase is be financed through additional borrowings. Higman’s marine transportation fleet consists of 159 inland tank barges with 4.8M barrels of capacity, and 75 inland towboats. Higman’s fleet moves 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 closing of the acquisition is expected to occur in this quarter and is subject to customary closing conditions. (Source: Marine Link 02/05/18)