New York-listed asset manager Atlas Corporation, the parent of Seaspan, will be bought by the consortium called Poseidon Acquisition Corp in a deal valued at $10.9bn.
The consortium, composed of Japanese liner operator Ocean Network Express (ONE), Atlas chairman David L. Sokol, certain affiliates of Fairfax Financial Holdings and the Washington family, is paying $15.50 per share in cash to acquire all of the outstanding common shares of Atlas that it does not already own or control. Fairfax, Washington and Sokol collectively own around 68% of Atlas’ outstanding common shares.
The per-share purchase price represents a 34% premium to Atlas’ stock’s last trading day before the proposal from Poseidon to take Atlas private was disclosed.
The transaction is expected to close in the first half of 2023, subject to approval by holders of a majority of Atlas common shares not owned by Poseidon and its affiliates and certain closing conditions, including receipt of regulatory approvals and third-party consents.
Upon the closing of the transaction, Atlas common shares will cease trading on the New York Stock Exchange. Following the buyout, Washington and Fairfax will own a majority of the equity of Atlas. Bing Chen will remain president and CEO of Atlas and will contribute his equity in Atlas to become an owner of the company along with Poseidon.
Atlas’ subsidiary Seaspan is the world’s largest containership lessor, operating a fleet of 127 vessels with an additional 63 units under construction.