Fairfax to sell a portion of its interest in Poseidon Corp.
On March 10, 2026, Fairfax Financial Holdings Limited announced that it entered into agreements, together with certain of its affiliates (collectively, “Fairfax”), to sell an aggregate of 67,618,981 common shares of Poseidon Corp. (“Poseidon”), the holding company that owns Seaspan Corporation, at a price of US$28.30 per share, for approximately US$1.91 billion.
The shares will be sold by Fairfax by way of separate agreements:
- 37,820,167 shares will be sold to an existing Poseidon shareholder increasing its ownership position; and
- 9,932,937 shares and 19,865,877 shares, respectively, will be sold to two new strategic investors.
Following the sale of the shares, which represent approximately 23.2% of the total issued and outstanding common shares of Poseidon, Fairfax would retain an equity ownership of approximately 22.1% of the issued and outstanding common shares as well as 12,000,000 Series J preferred shares in the capital of Poseidon’s wholly-owned subsidiary, Atlas Corp., which Poseidon acquired in 2023 as part of its all‑cash going‑private transaction valued at approximately US$10.9 billion.
The transaction is expected to close in the second quarter of 2026, subject to certain customary closing conditions, including the receipt of regulatory approvals and third-party consents.
Further information can be found on GlobeNewswire’s website.
Fairfax Financial is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.