Saltchuk Resources said it will acquire Tropical Shipping, a company that operates ships between the U.S. and Canada and the islands in the Caribbean and Bahamas, from AGL Resources, an Atlanta-based natural gas utility holding company.
AGL Resources did not say what the sale price was, but said, “after-tax cash proceeds and repatriated cash from the transaction are expected to be approximately $220 million, subject to certain defined post-closing adjustments.”
Saltchuk is the parent company of several other transportation companies, including the U.S.-flag carriers Sea Star Line, which moves freight between the U.S. mainland and Puerto Rico; and Totem Ocean Trailer Express, which operates between Tacoma, Washington, and Anchorage, Alaska.
AGL acquired Tropical as part of its 2011 acquisition of the Illinois-based natural gas utility NICOR.
AGL said in its annual report that Tropical…
Saltchuk to buy Tropical Shipping
