China's Yangzijiang Shipbuilding to acquire interest in Poseidon for $825.7m

Yangzijiang Shipbuilding has entered into definitive agreements to acquire a 10 per cent equity interest in Poseidon Corporation for $825.7 million. The transaction involves the purchase of 29,175,274 shares from affiliates of Fairfax Financial Holdings and the Washington family.

This acquisition is part of a broader sale involving up to 34 per cent of the Marshall Islands-incorporated holding company. Poseidon Corporation serves as the parent of Atlas Corporation, which in turn holds Seaspan Corporation, a long-standing customer of the shipbuilding group.

Yangzijiang Shipbuilding explained the investment will, "further strengthen the group’s strategic relationship with Seaspan Corporation and support closer long-term collaboration". The board noted the move enhances alignment between vessel demand and the yard development strategy of the group.