Kirby Corporation’s $419 Million Acquisition of Higman Marine, Inc.


Fried Frank acted as counsel to Higman Marine, Inc. and its affiliated companies (“Higman”) in its definitive agreement to be acquired by Kirby Corporation (NYSE: KEX) for approximately US$419 million in cash.

Kirby Corporation (“Kirby”) (NYSE: KEX) has signed of a definitive agreement to acquire Higman Marine, Inc. and its affiliated companies (“Higman”), for approximately $419 million in cash, subject to certain closing adjustments. The purchase will be financed through additional borrowings.

Higman’s marine transportation fleet consists of 159 inland tank barges with 4.8 million barrels of capacity, and 75 inland towboats. Higman’s fleet moves petrochemicals, refined petroleum products, crude oil, natural gas condensate, and black oil on the Mississippi River System and Gulf Intracoastal Waterway for large midstream and global integrated oil companies. The closing of the acquisition is expected to occur in the first quarter and is subject to customary closing conditions.

Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market service and parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, forklifts, pumps, and compressors for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers.

The Fried Frank team was led by corporate partner Steven Epstein (Picture) and included corporate partners Caroline Sandberg and Matthew V. Soran; antitrust and competition partner Nathaniel L. Asker; executive compensation & ERISA partner Adam Kaminsky; litigation partner Stephen M. Juris; tax partner Michael J. Alter; corporate real estate special counsel Jessica H. Mayes; intellectual property and technology special counsel Jason L. Greenberg; corporate associates Dionne N. Julius, Ariana Omar, Ross M. Sarraf, and Roy Tannenbaum; antitrust and competition associate Aleksandr B. Livshits; environmental associates Samuel K. Dykstra and Mary Beth Phipps; executive compensation & ERISA associate Samantha Steinfeld Rozell; intellectual property and technology associate Alana Berrocal Rodriguez; litigation associate Andrew B. Cashmore; tax associate Thomas A. Mitchell and corporate law clerk Arielle D. Matza.

Involved fees earner: Steven Epstein – Fried Frank Harris Shriver & Jacobson; Caroline Sandberg – Fried Frank Harris Shriver & Jacobson; Matthew Soran – Fried Frank Harris Shriver & Jacobson; Dionne Julius – Fried Frank Harris Shriver & Jacobson; Ariana Omar – Fried Frank Harris Shriver & Jacobson; Ross Sarraf – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Aleksandr Livshits – Fried Frank Harris Shriver & Jacobson; Adam Kaminsky – Fried Frank Harris Shriver & Jacobson; Samantha Steinfeld Rozell – Fried Frank Harris Shriver & Jacobson; Stephen Juris – Fried Frank Harris Shriver & Jacobson; Andrew B. Cashmore – Fried Frank Harris Shriver & Jacobson; Michael Alter – Fried Frank Harris Shriver & Jacobson; Thomas Mitchell – Fried Frank Harris Shriver & Jacobson; Jessica Mayes – Fried Frank Harris Shriver & Jacobson; Jason Greenberg – Fried Frank Harris Shriver & Jacobson; Alana Berrocal Rodriguez – Fried Frank Harris Shriver & Jacobson; Samuel Dykstra – Fried Frank Harris Shriver & Jacobson; Mary Beth Phipps – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: Higman Marine Services, Inc.;

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Author: Ambrogio Visconti