Kirby Corp. (KEX) agrees to buy tank barges and tugboats operator Penn Maritime in a deal valued...

|About: Kirby Corporation (KEX)|By:, SA News Editor

Kirby Corp. (KEX) agrees to buy tank barges and tugboats operator Penn Maritime in a deal valued at ~$295M consisting of cash, KEX common stock and the retirement of Penn's debt, as it looks to expand its footprint in the asphalt transportation market. KEX expects Penn to add $0.12-$0.18 to EPS in 2013.