Two dry bulk companies will merge
Excel Maritime Carriers Ltd. will acquire Quintana Maritime Ltd. in a deal announced Tuesday.
Reuters and Dow Jones said the deal is worth $2.45 billion, including assumed debt.
The combined company will operate a fleet of 47 vessels with total carrying capacity of 3.7 million deadweight tons. The fleet's size is expected to increase to 55 vessels with 5.2 million dwt capacity after the addition of eight capesize vessels, which are to be delivered by the end of 2010.
Excel will pay $13 per share in cash per share of Quintana common stock and 0.4084 shares of Excel Class A common stock per share of Quintana common stock