Matson, Inc. completed the acquisition of primary assets of Reef Shipping Limited from Reef Group Limited for $9.6 million.
January 07, 2013 at 12:00 am
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Matson, Inc. (NYSE:MATX) signed an agreement to acquire primary assets of Reef Shipping Limited from Reef Group Limited on December 26, 2012. After the acquisition, Matson will continue to provide service to Reef's historical core trade lanes from Auckland, New Zealand and Fiji to Nauru, the Solomon Islands, Tahiti, Samoa, Cook Islands, Niue, Tonga, Wallis and Futuna, Vanuatu, Tarawa and Majuro. The transaction is expected to close around year-end. Colin McCloy and David Bridgman of PricewaterhouseCoopers are acting as receivers for the transaction. PricewaterhouseCoopers acted as accountant to Reef Shipping Limited.
Matson, Inc. (NYSE:MATX) completed the acquisition of primary assets of Reef Shipping Limited from Reef Group Limited for $9.6 million on January 7, 2013. Reef Shipping will now operate as Matson South Pacific, Ltd. The transaction was financed from revolving credit facility and cash on hand.
Matson, Inc. is a holding company that provides ocean transportation and logistics services. The Company's segments include Ocean Transportation and Logistics. The Ocean Transportation business is conducted through Matson Navigation Company, Inc. (MatNav), which provides ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia. MatNav also operates premium, expedited services from China to Long Beach, California, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor, Alaska to Asia. The logistics business is conducted through Matson Logistics, Inc. (Matson Logistics), a wholly owned subsidiary of MatNav. Matson Logistics provides a variety of logistics services to its customers, such as transportation brokerage services, freight forwarding services, and others.
MATSON, INC. 
