HONOLULU (AP) - The shipping company with the largest share of the Hawaii market is acquiring the Alaska operations of its competitor.
The companies said Tuesday that Matson Inc. will buy Horizon Lines, Inc. for $69 million. Matson will also acquire Horizon's debt.
Separately, Horizon will sell its Hawaii operations to The Pasha Group for $142 million and shut down its Puerto Rico business.
Horizon has been operating container ships to Alaska since 1964. The company serves Anchorage, Kodiak and Dutch Harbor.
Matson CEO Matt Cox says the deal is a rare opportunity to substantially grow the company's Jones Act business.
The Jones Act requires vessels shipping goods between states to have been built in the United States, be crewed and owned by U.S. citizens and fly the U.S. flag.
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