News / Clear sailing on the Pacific for Matson as Horizon takeover strengthens core market

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The recent strategy of US Jones Act carrier Matson is a textbook example of how value can be delivered to shareholders and, more broadly, how companies operating in the container liner industry should proactively manage their asset base while looking for bargains in distressed asset sales.

In November, Matson announced it would acquire debt-laden Horizon Lines, valuing the target’s equity at only $69.2m, and the enterprise, which includes net debt, at about $460m. The deal is pending regulatory approval and is ...