Excel Maritime acquires Quintana for $2.45 billion

By Lisa Kerner

Charlotte, N.C., April 15 - Excel Maritime Carriers Ltd. completed its acquisition of Quintana Maritime Ltd., it was announced on Wednesday.

Each issued and outstanding share of Quintana common stock was converted into the right to receive $13.00 in cash and 0.3979 Excel class A common shares, an Excel news release stated.

In January, Excel agreed to acquire Quintana in a cash and stock deal valued at $2.45 billion, or $26.48 per share.

Quintana will operate as a wholly owned subsidiary of Excel under the name Bird Acquisition Corp.

The new company will be one of the largest dry shipping companies in the industry, operating a fleet of 47 vessels with a total carrying capacity of some 3.7 million deadweight tons, Excel said.

Excel, located in Athens, is an owner and operator of dry bulk carriers and a provider of seaborne transportation services.

Quintana, based in Glyfada, Greece, is a provider of dry bulk cargo marine transportation services.

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