Ocean Network Express (ONE) announced the completion of the acquisition bid for Atlas Corp., owner of Seaspan Corp., along with other members of the Poseidon Acquisition Corp.

Poseidon — composed of David L. Sokol, chairman of the board of Atlas Corp., certain affiliates of Fairfax Financial Holdings Limited, the Washington family, and ONE — earlier announced the plan to acquire Atlas in an all-cash transaction for an enterprise value of approximately US$10.9 billion.

"Ocean Network Express Pte. Ltd., together with the partners forming Poseidon Acquisition Corp. (Poseidon), has jointly announced with Atlas Corp. (Atlas) the closing of the previously announced transaction pursuant to which Poseidon has acquired all of the outstanding common stock of Atlas not already owned by the members of Poseidon," ONE said in a statement on March 29.

It added that in connection with the consummation of the merger, Atlas has requested that trading of its common stock on the New York Stock Exchange (NYSE) be suspended effective immediately.

ONE noted that Atlas' preferred stock would remain outstanding and continue to trade on the NYSE.

As a result of this transaction, ONE would now own a 28.7% share of Poseidon.

Earlier, Poseidon noted that under the terms of the agreement, it would acquire all outstanding common shares of Atlas not owned by Fairfax, Washington and Mr Sokol for US$15.50 per share in cash — representing a 34% premium to Atlas' unaffected share price as of August 4, 2022, the last trading day prior to a publicly disclosed proposal from Poseidon to acquire Atlas.

Following the completion of the transaction, Washington and Fairfax will own a majority of the equity of Atlas.

Chen will continue to serve as president and CEO of Atlas and will contribute his equity in Atlas to become an owner of the company along with Poseidon.

Fairfax, Washington and Mr Sokol currently own approximately 68% of the outstanding common shares.