Horizon Lines sale to Pasha, Matson done
STAR-ADVERTISER / 2010
A Horizon Lines container ship was in Honolulu Harbor moored at the Horizon Lines terminal on Sand Island.
A Horizon Lines container ship was in Honolulu Harbor moored at the Horizon Lines terminal on Sand Island.
The division and sale of ocean cargo transportation firm Horizon Lines Inc. was completed Friday to The Pasha Group and Matson Inc.
The sale, which was announced in November, gives California-based Pasha the Hawaii operations of Horizon that include four ships added to a pair of Pasha ships serving Hawaii. Pasha’s part of the purchase was for $141.5 million.
Honolulu-based Matson acquired the Alaska operations of Horizon in a $469 million deal that includes three ships in active service, some back-up ships and cargo terminals at three Alaskan ports.
Horizon, which is based in North Carolina, is basically folding up. Proceeds from the sale are paying off debt and going to shareholders of Horizon stock.
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