NEW YORK (TheStreet) -- Shares of Macquarie Infrastructure Company (MIC) stock are up 3.81% to $63.50 in after-hours trading on Monday as it entered into an agreement to acquire the 50% stake of International-Matex Tank Terminals that it doesn't currently own.
Under the terms of the agreement, MIC will purchase the remaining interest from members of the business' founding family for $910M in cash and $115M in stock.
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Separately, Macquarie's board has also authorized a 1.3% increase in the company's quarterly cash dividend to 95 cents for the second quarter of 2014, which will be payable on August 14 to shareholders of record on August 11.
TheStreet Ratings team rates MACQUARIE INFRASTRUCT CO LLC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MACQUARIE INFRASTRUCT CO LLC (MIC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."