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.
Financial statements from December 31, 2025, indicate that the book value for the 10 per cent interest is approximately $459 million. Net tangible assets for the same portion were valued at $452 million by the company.
Independent adviser Kroll provided a valuation range for the stake between $660.6 million and $810.9 million. The board maintained that strategic advantages and improved order book visibility justify paying a consideration above the valuation provided by Kroll.
The acquisition is expected to be funded through internal cash resources according to a statement from the group. Closing will take place five business days after the fulfilment of conditions including regulatory approvals and shareholder consent.
Executive Chairman and Chief Executive Officer Ren Letian is also acquiring a five per cent interest in Poseidon Corporation through his private investment vehicle, Hengyuan Asset Investment. This separate transaction is not inter-conditional with the investment made by Yangzijiang Shipbuilding.
The company stated that its audit committee confirmed the risks and rewards of the investments are in proportion to the equity held by each party. Both purchasers are acting in their own corporate capacities without any joint venture or co-investment arrangement between them.
Atlas Corporation was previously listed on the New York Stock Exchange before being taken private through a merger in 2023.
