Fairfax Selling Half Its Stake in Poseidon for $1.91 Billion
By Robb M. Stewart
Fairfax Financial is selling about half of its investment in the holding company that owns containership owner and operator Seaspan for about $1.91 billion.
Fairfax said it has agreed to sell 67.6 million shares of Poseidon for $28.30 each. Some 37.8 million shares will be sold to an existing Poseidon shareholder who will increase their ownership stake, and the remainder will be bought buy two strategic investors.
The stake being offloaded represents slightly more than 23% of Poseidon's total shares. After the sale, Fairfax said it will retain a roughly 22% equity interest in the holding company.
Fairfax was part of a consortium known as Poseidon Acquisition that took maritime-asset owner Atlas private in 2023 in a roughly $11 billion deal. The investment vehicle also included Atlas Chairman David Sokol and others.
Prem Watsa, chairman and chief executive of Fairfax, said Poseidon has done well under the management of Sokol and CEO Bing Chen, and his company was happy to retain a significant stake as Poseidon brings on new strategic partners.
The Canadian insurance and investment management company said each sale transaction is expected to close in the second quarter of the year, subject to regulatory and other approvals.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 10, 2026 08:34 ET (12:34 GMT)
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