Atlas Corp., the parent company of Seaspan, the world's largest container ship chartering company, has recently been told. Accepted a $10.9 billion cash offer from Poseidon Acquisition Corp.
The consortium is made up of Japanese shipping company ONE, Atlas chairman David L. Sokol, several subsidiaries of Fairfax Financial Holdings and some subsidiaries of the Washington Family, Has long tried to buy Atlas Corp at $14.45 a share. The remaining equity.
In September, the offer was raised to $15.50 a share, and the two sides have now agreed on that price.
The acquisition is a so-called "take-private" takeover offer and Atlas Corp will be completed. Will be delisted from the New York Stock Exchange.
The transaction is expected to close in the first half of 2023, subject to the approval of Poseidon and its affiliates' holders of Atlas common stock and certain closing conditions (including regulatory approvals and third party consents).
Sokol, Fairfax Financial Holdings and the Washington Family together own about 68 percent of Atlas' outstanding common shares.
"Atlas has been developing its long-term strategic partnerships and differentiated business models to position the company for sustainable and high-quality growth," said Bing Chen, President and CEO of Atlas Corp.
"As we look at the trajectory of the industry, we believe that as a privately held company, we will have the financial, operational and strategic flexibility that this group of owners and investors will enable Atlas, our employees and our customers to access greater opportunities."
About Atlas Corp:
In November 2019 Seaspan Corporation announced a reorganization and formed Atlas Corp.
Atlas is a leading global asset manager that is different in that it is a best-in-class owner and operator focused on disciplined capital allocation to create sustainable shareholder value. The goal is to achieve long-term, risk-adjusted returns in high-quality infrastructure assets in the maritime sector, the energy sector and other vertical infrastructure sectors.
Atlas Corp. owns Seaspan, the world's largest container-ship chartering company, and APR Energy, a power-generation company;
As at 31 December 2021, Seaspan managed 134 container ships with a total capacity of more than 1.1 million TEUs; There are currently 67 ships under construction, increasing the total capacity to more than 1.95 million TEU on a fully delivered basis. The Seaspan fleet had an average age of 8.2 years and an average remaining lease term of 4.6 years.
APR is the world's largest fleet owner and operator of mobile gas turbines, providing power solutions to customers, including major corporations and government-funded utilities. APR is a global leader in its asset class, providing a fully integrated platform to lease and operate its fleet of vehicles with more than 450 employees worldwide and operating nine power plants in five countries with an installed capacity of approximately 900 megawatts.
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Post time: Nov-04-2022