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Excel Maritime to Buy Quintana

TSC Staff

Just a week after saying it had ended its attempt to sell itself, Quintana Maritime (QMAR Quote - Cramer on QMAR - Stock Picks) has agreed to be acquired by Excel Maritime Carriers (EXM Quote - Cramer on EXM - Stock Picks) in a deal that will combine two Greece-based dry bulk cargo shippers.

Excel will pay $13 in cash and 0.4084 shares of Class A common stock for each share of Quintana. That values Quintana at $26.48 a share, a 57% premium to its Monday close. The agreement was approved by the boards of both companies.

The total transaction value will be around $2.45 billion, including assumed net debt and other costs.

Shares of Quintana were jumping 32% to $22.34 in premarket trading Tuesday. Excel was down 5.5% at $31.20.