Atlas Corp., a holding company whose core business is containerized shipping operating through the wholly owned subsidiary Seaspan Corporation and which is also active in the segment of mobile energy plants with the company wholly owned by APR Energy, it will be acquired by the Poseidon Acquisition Corp. consortium that last August had submitted an offer of which it subsequently raised the economic value ( of the August 5 and September 26 2022).

Poseidon Acquisition is attended by Canadian financial affiliates Fairfax Financial Holdings and affiliates of the U.S.-based group Washington, which are the main shareholders of Atlas Corp., by David Sokol, president of the Atlas Corp., and the Japanese containerized shipping company Ocean Network Express (ONE).

On Thursday, the parties said the sale was agreed on on the basis of the last proposed price, equal to 15.50 in cash for each Atlas share price, which gives the Atlas a value of about 10.9 billion.

The deal provides that Poseidon will acquire all the ordinary shares in circulation of the Atlas not owned by Fairfax, Washington and David Sokol, which currently hold about 68% percent of these equities.

According to forecasts, the acquisition will take place by the first half of next year. At the end of the transaction, the ordinary shares of the Atlas will cease to be traded on the New York Stock Exchange, while the company's preferred shares will continue to be. In addition, the completion of the operation Washington and Fairfax will hold the majority of the capital of Atlas that will continue to be led by Bing Chen who will retain the positions of president and CEO.

Meanwhile, Atlas Corp. closed in the third quarter of this year with revenues of 439.6 million, a decrease of -2.7% percent on the corresponding period of 2021, of which 384.9 million (+ 2.2%) generated by Seaspan Corporation's assets. Adjusted EBITDA amounted to 291.1 million (-9.7%), with an input of 255.2 million (-0.2%) from Seaspan. Operating profit was 201.8 million (-8.1%) and net profit of 185.7 million (+ 96.3%), with an input of 167.1 million (+ 178.0%) from Seaspan.

On September 30, the Seaspan container fleet, which was leased at the primary shipping company, consisted of 129 vessels for a total cargo hold capacity of 1.18 million teu. In addition, the company has an additional 61 ships that will increase the fleet's capacity to 1.92 million teu.