Total value of the transaction is $469m, based on Matson's acquisition of Horizon stock at 72 cents per fully diluted common share, or $69m, and repayment of Horizon's outstanding debt. The deal includes Horizon's Alaska operations as well as all of its non-Hawaii business liabilities. Just before completion of the transaction, Horizon sold its Hawaii trade-lane assets and liabilities to The Pasha Group for $141.5m. Matson said it will continue Horizon's presence in Alaska with a three-vessel deployment of diesel-powered containerships in twice-weekly service from Tacoma to Anchorage and Kodiak, and weekly service to Dutch Harbor. In addition, Matson will operate port terminals in Anchorage, Kodiak and Dutch Harbor, and acquire several reserve steam-powered containerships, authorized for domestic service under the Jones Act, that can be used for drydock relief.
Enjoy curated articles directly to your inbox.