Hong Kong-based containership operator Seaspan Corporation and Atlas Corp have announced the closing of Seaspan’s previously announced holding company reorganization to create a new holding company, Atlas.
In conjunction with the reorganization, Atlas expects to announce the closing of Atlas’ USD 750 million acquisition of APR Energy Limited, a company specializing in fast-track, mobile power solutions.
With the completion of the transactions, Seaspan and APR will both become wholly-owned subsidiaries of Atlas. As World Maritime News previously reported, the move is aimed at advancing strategic capital allocation initiatives and providing operational transparency.
The reorganization was implemented through the merger of Seaspan’s indirect wholly-owned subsidiary into Seaspan, with Seaspan continuing as the surviving corporation and a direct wholly-owned subsidiary of Atlas.
The reorganization was approved by Seaspan shareholders at the Special Meeting of Shareholders held on February 27, 2020, in Hong Kong.