Seaspan Board Approves Holding Company Reorganization; To Acquire APR Energy
(RTTNews) - Seaspan Corp. (SSW) said its Board has approved the creation of a new holding company, Atlas Corp., which will become the new parent company of Seaspan. This will be implemented through the merger of Seaspan and an indirect, wholly-owned subsidiary, with Seaspan becoming a direct, wholly-owned subsidiary of Atlas. Upon completion, holders of Seaspan common shares and Seaspan preferred shares will become holders of Atlas common shares and Atlas preferred shares, on a one-for-one basis. Atlas common shares and Atlas preferred shares are expected to be listed on the NYSE upon the consummation of the proposed reorganization.
David Sokol will be Chairman of the Board of Atlas along with Bing Chen as Chief Executive Officer and Director of Atlas and Ryan Courson as Chief Financial Officer of Atlas.
Also, in conjunction with the reorganization, Seaspan has entered into a definitive agreement to acquire APR Energy Limited, a global leasing business that owns and operates a fleet of capital-intensive assets (gas turbines and other power generation equipment), providing power solutions to customers including large corporations and/or government backed utilities.
Atlas will acquire APR shares from sellers including Fairfax, Albright Capital Management LLC, and certain other shareholders, in an all-stock deal valued at $750 million, including the assumption of debt, for an expected equity value at closing of approximately $425 million.
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