Kirby Corp has signed an agreement to buy Targa Resources Corp’s inland marine tank barge business for approximately $69.3m in cash.
The acquisition comprises 16 inland pressure barges with a total capacity of 258,000 barrels. Many of the units are under multiyear contracts, New York-listed Kirby said.
The deal, to be financed through additional borrowings, is expected to close near the end of the second quarter and is subject to customary closing conditions.
