Seaspan Corporation today announced the company’s reorganization to create a new holding company, Atlas Corp. (“Atlas”). In conjunction with this reorganization, Atlas expects to announce the closing of Atlas’ acquisition of APR Energy Limited (“APR”), a global leader in fast-track, mobile power solutions. With the completion of this transaction, Seaspan and APR will both become wholly-owned subsidiaries of Atlas.
This 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. Of the 81% outstanding shares that voted, over 99% were in favour of reorganizing. Under the reorganization, Seaspan shareholders will receive one Atlas common share and one Atlas preferred share, as applicable, for each Seaspan common share and each Seaspan preferred share they held immediately prior to the closing of the Reorganization.