K-Sea Partners buying Sirius Maritime

Wednesday, June 27, 2007
K-Sea Transportation Partners LP said it's buying Sirius Maritime LLC of Seattle and Smith Maritime Ltd. of Honolulu for $205m. New York-based K-Sea is buying 11 petroleum tank barges and 10 tugboats in the deal. The ships have 777,000 barrels of capacity. Sirius Maritime is owned by Gordon Smith, Robert Dorn and Wayne Sundberg. Smith also owns the Honolulu operation. K-Sea said it's paying $195m in cash and assumed debt and is issuing $10m in common stock for the companies, adding the deal should close in July or early August. Source: BizJournals

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