The American shipping operator, Matson, says it has signed a definitive agreement to acquire the primary assets of Auckland-based Reef Group which went into receivership in November.
Reef had been providing shipping and bulk fuel services to a dozen Pacific countries and also runs long-liner fishing vessels.
Matson, in a statement to the New York Stock Exchange, says assets acquired include four vessels and about 1,500 pieces of container equipment.
It says the acquisition will allow the company to expand its geographic reach into the South Pacific, and build on its well-earned expertise as a Pacific island carrier.
Matson began servicing Hawaii in 1882 and has had links in the wider Pacific since the 1920s.