Kirby agrees to acquire United Holdings for $270m
Kirby Corporation has signed an agreement to purchase United Holdings for a base purchase price of $270 million in cash (before post-closing adjustments), plus a three-year earn-out provision for up to an additional $50 million payable in 2014. Oklahoma City-based United has 21 locations across thirteen states to distribute and service equipment and parts. The company also manufactures oilfield service equipment. The acquisition is expected to close in April 2011, subject to certain conditions, including the expiration of the required waiting period under the Hart-Scott-Rodino Act. Houston, Texas-based Kirby Corporation operates inland tank barges and towing vessels, transporting petrochemicals, black oil products, refined petroleum products and agricultural chemicals throughout the US inland waterway system. Kirby also owns and operates four ocean-going barge and tug units transporting dry-bulk commodities in US coastwise trade. Through the diesel engine services segment, Kirby provides aftermarket service for medium-speed and high-speed diesel engines and reduction gears used in marine, power generation and railroad applications. Quelle: eyefortransport |