$10.9 billion! ONE Group Acquires the World's Largest Parent Company of Independent Container Ship Owners

Atlas Corporation, the parent company of Seaspan Corporation, the world's largest independent container ship owner, has agreed with the existing shareholders and Japan Ocean

Online Shipping (ONE) joint acquisition offer with a total amount of about US $10.9 billion.

At the beginning of August this year, the controlling shareholder of Atlas formed an alliance with ONE, Japan's largest container shipping company Corp, making a takeover offer to Atlas. On November 1, Atlas and Poseidon announced that they had reached a final agreement enterprise value acquisition of Atlas.

Poseidon Alliance is composed of certain affiliates of Fairfax Financial Holdings, a Canadian insurance company, Washington family and Atlas directors Long David Soko and ONE. Fairfax, Washington family and David Sokol now own or control the fully diluted circulation of Atlas. About 68% of ordinary shares.

According to the terms of the agreement, Poseidon Alliance will purchase all outstanding ordinary shares not owned by Atlas in cash at a price of $15.50 per share, which is higher than that in August the time of initial disclosure of the acquisition, the final closing price of Atlas stock was 34% higher. Poseidon Alliance originally offered $14.45 per share, which was later raised to US $15.50.

At that time, Poseidon Alliance said that the acquisition would provide Atlas with greater for financial security, Atlas, as a private platform, will be able to control the industry headwinds more flexibly. By adding ONE as a strategic shareholder and partner,atlas will be able to have greater stability and scale.

The acquisition is expected to be completed in the first half of 2023, when Atlas common shares will stop trading on the New York Stock Exchange, Fairfax and Washington.

The family will own a majority stake in Atlas. Nicholas Pitts Tucker, Chairman of the Special Committee of Atlas Board of Directors, said:"We are happy to have achieved this through the merger with ONE, Atlas has obtained an important sponsor, namely ONE Company. “