Kirby will acquire K-Sea Transportation Partners, an operator of tank barges, for $600 million in cash and stock. The deal will be funded through a combination of available cash, borrowing under Kirby’s loan, a new bank term credit facility of up to $540 million and the issuance of Kirby common stock.

The total value of the transaction includes $335 million for K-Sea’s equity and the refinancing of $265 million of K-Sea debt. K-Sea’s common and preferred unitholders will receive $8.15 per unit in consideration in the form of cash and Kirby common stock.

Click here for the release from PR Newswire.