Poseidon closes Atlas $11 billion acquisition

Poseidon closes Atlas $11 billion acquisition

Ocean Network Express (ONE), together with Poseidon Acquisition Corp. partners, announced it has closed the acquisition of Atlas Corp.

The transaction includes all outstanding common stock not already owned by Poseidon’s members.

Following the acquisition, ONE owns a 28.7 per cent share of Poseidon.

As per ONE’s latest statement, the completion of the acquisition led to the suspension of trading of Atlas Corp.’s common stock on the New York Stock Exchange (NYSE).

Atlas’ preferred stock will remain outstanding and continue to trade on the NYSE.

Earlier this month, Atlas announced that its shareholders had approved the merger deal.

Atlas entered the deal with Poseidon in November 2022.

Poseidon’s acquisition of Atlas Corp. is expected to bring significant benefits to both companies and enable Poseidon to strengthen its position in the container shipping market.

Only a few weeks ago, ONE equipped an eco-friendly bow wind shield on the 21,700 TEU containership ONE TRADITION.

This is the second vessel that features the technology.

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