16.4 C
Hamburg
Sunday, June 1, 2025
Home News Atlas acquisition from business consortium to be completed in March

Atlas acquisition from business consortium to be completed in March

Poseidon Acquisition, a business consortium comprising Ocean Network Express (ONE) and major shareholders Fairfax Financial Holdings, the Washington family, and Atlas Chairman David Sokol, is expected to complete the acquisition of Atlas in March.

This comes after the approval from the other shareholders of Atlas for the transaction.

Atlas, a Hong Kong-based asset management company and the parent company of Seaspan, the world’s largest container vessel owner, entered into an agreement with Poseidon Acquisition in November 2022.

After the agreement between the two parties, consent from other Atlas’ shareholders and regulatory approval should be received by Atlas and Poseidon, so they can proceed with the takeover process.

Poseidon Acquisition has proposed an all-cash offer of US$15.5 per share for the remaining Atlas shares, which would value Atlas at US$10.9 billion.

Upon completion of the acquisition, Atlas will be delisted from the New York Stock Exchange (NYSE).

Poseidon Acquisition was formed in early 2022 by a group of investors, including major Atlas shareholders, and has since held negotiations with Atlas.





Antonis Karamalegkos
Managing Editor

Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

KlaipÄ—da port embarks on green hydrogen initiative

KlaipÄ—da Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!