News
Atlas and Poseidon Acquisition, an entity formed by certain affiliates of Fairfax Financial Holdings; certain affiliates of the Washington family; David Sokol, chairman of the board of Atlas; Ocean Network Express (ONE) and certain of their respective affiliates announced on Tuesday that they have entered into a definitive agreement under which Poseidon will acquire Atlas in an all-cash transaction for an enterprise value of approximately $10.9 billion.
Under the terms of the agreement, Poseidon will acquire all outstanding common shares of Atlas that are not owned by Fairfax, the Washington family and Sokol for $15.50 per share in cash. The per share purchase price represents a 34% premium to Atlas' unaffected share price as of Aug. 4.
The transaction is expected to close in the first half of 2023, subject to approval by holders of a majority of Atlas common shares not owned by Poseidon and its affiliates and certain closing conditions, including receipt of regulatory approvals and third-party consents. Upon the closing of the transaction, Atlas common shares will cease trading on the New York Stock Exchange (NYSE). Atlas preferred shares will continue trading on the NYSE under current terms.
