Platinum Equity wraps American Commercial buyout

The sale of inland marine shipping company American Commercial Lines Inc. to an affiliate of Platinum Equity closed on Tuesday.

Jeffersonville-based American Commercial said its common stock would cease trading on the Nasdaq Global Select Market at the end of the day.

Platinum Equity agreed to pay $33 a share, or about $777 million, including about $345 million in debt, to acquire American Commercial.

Owners of about 80 percent of American Commercial's shares voted to approve the deal last week.

Platinum Equity is a buyout firm that has been active in the information technology, telecommunications and other industries.

Founded in 1964, American Commercial was the 20th-largest public company in Indiana, according to IBJ research. It reported revenue of $846 million in 2009.

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