Kirby to acquire Targa tank barge biz

HOUSTON - Kirby Corporation announced May 3 the signing of an agreement to acquire Targa Resources Corp.'s inland marine tank barge business for about $69.3M in cash. Targa's inland marine tank barge fleet consists of 16 pressure barges with a total capacity of some 258,000 barrels, many of which are under long-term multi-year contracts. The closing of the acquisition is expected to occur near the end of the second quarter and is subject to customary closing conditions. Kirby President/CEO David Grzebinski called the planned acquisition an “an excellent addition to Kirby's fleet,” especially with the ongoing petrochemical build-out progressing along the Gulf Coast. Kirby’s HQ is in Houston, and is the nation's largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, Gulf Intracoastal Waterway, along all three U.S. coasts. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. (Source: PR Newswire 05/03/18) Gulf Coast Note: Targa is a leading provider of mid-stream services and is one of the largest independent midstream energy companies in North America with corporate HQs in Houston, and an operations office in St. Bernard, La.