NY Water Taxi to acquire Circle Line

November 3, 2008 4:43:13 PM PST
New York Water Taxi, looking to expand its water tourism operation, has entered into an agreement with Circle Line Harbor Cruise, LLC to buy its two boats as well as all other assets, the companies announced in a joint statement Monday. Water Taxi spokesperson Stacey Sherman said the company would acquire the Zephyr and Shark boats from Circle Line Harbor Cruise, as well as take over the company's lease at South Street Seaport and in Brooklyn, and all operations like ticketing and reservations.

Water Taxi operates both a commuter service and a tourism operation.

The companies will continue to operate independently until the transaction is completed in December.

Tom Fox, who currently is chief executive officer of New York Water Taxi, will become CEO of the combined company. Further management appointments will be announced later.

J.B. Meyer, president and CEO of Circle Line Downtown, as the company is also known, said the two companies would join to form one of the largest tour and commuter ferry operators in the harbor.

"The businesses complement each other very well," he said.

Circle Line Downtown used to run ferry service to the Statue of Liberty, but another company took over that route this year.

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