Business
Fairfax Agrees to Sell a Portion of Its Interest in Poseidon Corp.
TORONTO, March 10, 2026 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH....
About this update from Fairfax Financial Holdings Limited
[{"type":"text","content":"Fairfax Agrees to Sell a Portion of Its Interest in Poseidon Corp.\nTORONTO, March 10, 2026 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announced that it has entered into agreements, together with certain of its affiliates (collectively, “Fairfax”), to sell an aggregate of 67,618,981 common shares (the “Shares”) of Poseidon Corp. (“Poseidon”), the holding company that owns Seaspan Corporation, at a price of US$28.30 per share, for aggregate proceeds of approximately US$1.91 billion. The Shares are being sold by Fairfax by way of separate agreements to (i) an existing shareholder of Poseidon that has determined to increase its ownership interest in Poseidon (in respect of 37,820,167 Shares) and (ii) two new strategic investors (in respect of 9,932,937 Shares and 19,865,877 Shares, respectively) (each, a “Sale Transaction”). 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. “We are very pleased to have agreed to sell approximately half of our position in Poseidon at a price that we think reflects the achievements and success of the company since we helped take it private in 2023, and also the bright future for the company going forward,” said Prem Watsa, Chairman and Chief Executive Officer of Fairfax Financial Holdings Limited. “Poseidon has done incredibly well under the outstanding management of David Sokol and Bing Chen, and we are happy to retain a significant equity stake in the company as it brings on new strategic partners, joining Ocean Network Express, to help continue to grow Poseidon as a world-leading independent maritime asset owner and operator.” Each Sale Transaction is expected to close in the second quarter of 2026, with each being subject to certain customary closing conditions, including the receipt of regulatory approvals and third-party consents. Following the consummation of the transactions, Fairfax expects to continue to account for its investment in the common shares of Poseidon under ...