The U.S. ocean cargo carrier Horizon Lines has entered into definitive agreements fora series of transactions that will result in the sale of the entire company, the first being the sale of its Hawaii business to The Pasha Group, followed by Horizon Lines’ subsequent acquisition by Matson, Inc.

Horizon Lines will also cease providing liner service between the U.S.A. and Puerto Rico by the end of 2014 due to continuing losses without the prospect of future profitability.

Horizon said that the decision to terminate its Puerto Rico service is independent ofthe sales agreement, as the company intends to cease operations between the U.S.A. and Puerto Rico whether or not the transactions with Pasha and Matson go through.

Horizon Lines is expected to incur restructuring charges between USD 90 million to USD 100 million related to terminating its Puerto Rico operations.