Fairfax sells a portion of its interest in Poseidon Corp.
Torys acted as counsel to Fairfax Financial with a team led by Michael Horwitz and that included Nick Glaudermans and Shree Gandhi (corporate/M&A), John Tobin, David Mattingly and Michael Sims (tax).
On May 29, 2026, Fairfax Financial Holdings Limited announced that it, together with certain of its affiliates (collectively, “Fairfax”), completed the previously announced sale, dated March 10, 2026, of 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 were sold by Fairfax by way of separate agreements:
- 37,820,167 shares were sold to an existing Poseidon shareholder increasing its ownership position; and
- 9,932,937 shares and 19,865,877 shares, respectively, were sold to two new strategic investors.
Following the sale of the shares, which represent approximately 23.1% of the total issued and outstanding common shares of Poseidon, Fairfax retains an equity ownership of approximately 22.2% 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.
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.