KIRBY CORP acquires K-Sea Transportation Partners L.P.

KIRBY CORP acquired K-Sea Transportation Partners L.P. for approximately $603.1 million total merger consideration, a transaction completed in July 2011, structured as combination (cash + Kirby common stock; debt assumed). The deal was a Merger.

K-Sea Transportation Partners L.P. operates in Marine transportation (coastal), is based in U.S. coastal waterways (Northeast, Gulf Coast, West Coast). K-Sea Transportation Partners L.P., a coastal tank-barge operator, became a wholly owned subsidiary of Kirby through the merger of KSP Merger Sub, LLC with and into K-Sea. K-Sea unitholders received cash and Kirby common stock; total consideration was estimated at approximately $603.1 million including assumed K-Sea debt.

Entered Kirby into the U.S. coastal tank-barge market through a publicly traded master limited partnership.

Gave Kirby a meaningful position in U.S. coastal tank-barge transportation alongside its inland business. Diversified Kirby's marine transportation footprint from inland into coastal markets. Kirby coastal marine transportation operations

On July 1, 2011, K-Sea Transportation Partners L.P. ('K-Sea') became a wholly owned subsidiary of Kirby Corporation ('Kirby') as a result of the merger of KSP Merger Sub, LLC ('Merger Sub') with and into K-Sea.Kirby Corporation Form 8-K, Item 2.01 (July 1, 2011)

Kirby has estimated the total consideration expected to be issued and paid in the merger to be approximately $603.1 million.Kirby Corporation Form S-4 registration statement (2011)

Advisory firms were not disclosed for this transaction.

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