Atlas Corp. accepts $10.9bn buyout

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Marine and energy asset owner Atlas Corp. will be taken private after accepting a sweetened $10.9-billion acquisition offer from Poseidon Acquisition Corp. Atlas’ subsidiary Seaspan is the world’s largest containership lessor, operating a fleet of 127 vessels with an additional 63 units under construction. Poseidon Acquisition Corp, is an investment vehicle backed by Fairfax Financial Holdings Limited, the Washington Family, David Sokol, and Ocean Network Express Pte. Ltd. (“ONE”), and other affiliates. Members of the Poseidon consortium already own more than 50 percent of Atlas’s shares. A majority of the minority shareholders must vote to approve the revised offer. The transaction is expected to close in the first half of 2023.

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