Seaspan Corporation has agreed to acquire power generation company APR Energy Limited in an all-stock transaction valued at $750m. The acquisition will see Seaspan reorganise its business, with the creation of a new parent holding company called Atlas Corp.
APR Energy is a global leasing business that owns and operates a fleet of assets such as gas turbines and other power generation equipment, and will be acquired by Atlas making both Seaspan and APR Energy subsidiaries.
Management of the new parent company Atlas will remain the same, with David Sokol becoming the chairman and Bing Chen chief executive officer.
Commenting on the reorganisation and acquisition, Sokol said: “The proposed acquisition is a transformative transaction on our journey as professional asset managers. We are bringing together two leading, integrated platforms, in two industries in which we have long-term confidence – maritime and energy.”
Seaspan says its will be business as usual for its maritime operations.
“We are investing to drive further improvement in our unique integrated platform, as we continue to lead the industry in service quality and market consolidation. We are confident that our consistent execution will create sustainable value for our stakeholders. Our unwavering commitment to our global customers is further demonstrated by the two recently announced acquisitions of seven large, high quality containerships to best serve our global customers,” said Bing Chen.
The acquisition of APR Energy, who’s major shareholders include Fairfax and Albright Capital Management, is expected to be completed in the first quarter of 2020.