On March 28, 2023, pursuant to an Agreement and Plan of Merger by and among Atlas, Poseidon Acquisition Corp. (“Poseidon”), an entity formed by certain affiliates of Fairfax Financial Holdings Limited (“Fairfax”), certain affiliates of the Washington Family (“Washington”), David Sokol, Chairman of the Board of Directors of the Company, Ocean Network Express Pte. Ltd. (“ONE”), and certain of their respective affiliates, and Poseidon Merger Sub, Inc., a wholly-owned subsidiary of Poseidon, Poseidon acquired all outstanding common shares of Atlas not already owned by Fairfax, Washington and Mr. Sokol (the “Merger”).
In connection with the consummation of the Merger, the trading of Atlas’ common shares on the New York Stock Exchange (the “NYSE”) was suspended on March 28, 2023. Atlas’ common shares were subsequently delisted from the NYSE on April 10, 2023. Atlas’ preferred shares will remain outstanding and continue to trade on the NYSE.
In November 2019, we announced the reorganization of Seaspan Corporation (“Seaspan”) to create Atlas Corp. (“Atlas”), a leading global asset management company differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas’ management team, Board of Directors, and major shareholders: the Washington Companies; Fairfax Financial Holdings and; Ocean Network Express, are aligned on our long-term growth strategy. Atlas’ wholly-owned subsidiaries, Seaspan and APR Energy (“APR”), are unique, industry-leading operating platforms in the global maritime and energy spaces.
Seaspan is the largest independent owner and operator of containerships in the world, with an industry-leading, fully integrated operating platform that delivers unique and differentiated value to our customers through a full life-cycle asset management approach. As of March 31, 2023, Seaspan’s operating fleet consists of more than 140 containerships with a total capacity of over 1.1M TEU. With 67 vessels under construction, the total capacity increases to over 1.95M TEU on a fully delivered basis. Seaspan’s operating fleet has an average age of 8.2 years and an average remaining charter period of 4.6 years. Seaspan is well-positioned for sustainable long-term growth thanks to our resilient business model, attractive fleet, high-quality customer base and financial strength, and our emphasis on operational excellence.
APR is the largest mobile gas turbine fleet owner and operator in the world, providing power solutions to customers, including large corporations and government sponsored utilities. APR is the global leader in its asset class and offers a fully-integrated platform to both lease and operate its fleet, which consists of 850MW of mobile gas turbines and ~550MW of diesel generators. Our global footprint includes over 450 staff operating 9 power plants in 5 countries on a ~900MW installed base.
