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Nov. 11, 2014, 6:19 PM
- Ocean cargo carrier Matson (NYSE:MATX) agrees to acquire Horizon Lines' (OTCQB:HRZL) Alaska shipping business for ~$456M, which includes the repayment of HRZL's total outstanding debt.
- MATX expects the deal to contribute ~$70M to consolidated EBITDA and to be ~$1.00 accretive to annual cash flow/share within two years of the closing.
- HRZL also is selling its Hawaii operations to The Pasha Group for $141.5M and intends to shut down its Puerto Rico liner operations by the end of 2014.
- MATX +7.8%, HRZL +60% AH.
Horizon Lines, Inc. is one of the nation?s leading domestic ocean shipping companies and the only ocean cargo carrier currently serving the two noncontiguous domestic markets of Alaska and Hawaii. The company owns a fleet of 11 fully Jones Act qualified vessels and operates four port terminals... More
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