Fairfax Financial sells 1.9 billion dollar Poseidon stake

FAIRFAX FINANCIAL HLDGS LTD, an investment firm headquartered in Canada, has reached an agreement to sell a portion of its stake in maritime business operator Poseidon Corp for $1.91 billion. Poseidon is the parent organization of Atlas Corp, a prominent owner of marine and energy assets, and the shipping operator Seaspan.

The transaction involves the sale of 67.6 million shares at a price of $28.30 each. This divestment accounts for 23.3% of the total issued and outstanding common shares of Poseidon, which was established as an investment vehicle to acquire Atlas Corp in 2023.

The buyer group includes one existing shareholder of Poseidon and two new investors. Following the close of the transaction, Fairfax Financial Hldgs Ltd anticipates holding a 22.1% stake in Poseidon, while maintaining ownership of 12 million Series J preferred shares of Atlas.

The sale is projected to conclude in the second quarter of 2026.