Canadian investment firm Fairfax Financial said on Tuesday it had agreed to a $1.91 billion sale of part of its stake in Poseidon Corp, the parent company of marine and energy asset owner Atlas Corp and shipping operator Seaspan.
Some details about the sale:
- Fairfax will sell 67.6 million shares in Poseidon for $28.30 each.
- The sold stake represents 23.3% of the total issued and outstanding common shares of Poseidon, an investment vehicle which bought Atlas Corp in 2023.
- Buyers include an existing Poseidon shareholder and two new investors.
- After the sale, Fairfax expects to hold a 22.1% stake in Poseidon, along with 12 million Series J preferred shares of Atlas.
- The sale is expected to close in the second quarter of 2026.
