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HOUSTON (AP) -- Marine contractor Cal Dive International Inc. said Tuesday it has completed its acquisition of Horizon Offshore Inc. for $628 million after Horizon's shareholders approved the deal Monday. Each share of Horizon common stock has been converted into the right to receive $9.25 in cash and 0.625 Cal Dive shares. Including $22 million in assumed debt, the deal is worth $650 million. The acquisition is being funded through a $375 million senior secured term loan, the company said. The combined company will operate 35 vessels. Cal Dive said the acquisition will enable it to further expand internationally and provide salvage and decommissioning services along with its traditional diving services. Cal Dive said it plans to issue 2008 earnings guidance after a board meeting at the end of February.
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