Fairfax to sell $1.9 billion stake in Poseidon

Fairfax Financial Holdings  has agreed to sell a portion of its stake in Poseidon Corp., the holding company that owns Seaspan Corporation, in transactions valued at approximately $1.91 billion.

The insurer and investment firm will sell 67,618,981 Poseidon common shares at a price of $28.30 per share. The shares represent about 23.2% of Poseidon’s total outstanding common stock.

The shares will be sold through separate agreements to one existing Poseidon shareholder, which will acquire 37,820,167 shares to increase its ownership, and two new strategic investors that will purchase 9,932,937 and 19,865,877 shares respectively.

Following the transactions, Fairfax will retain roughly 22.1% of Poseidon’s common shares and will continue to hold 12 million Series J preferred shares issued by Poseidon subsidiary Atlas Corp.

Fairfax Chairman and CEO Prem Watsa said the sale reflects Poseidon’s progress since Fairfax helped take the company private in 2023 and allows the company to bring in additional strategic partners while Fairfax maintains a significant ownership stake.

Poseidon operates as a maritime asset owner and operator and is led by CEO Bing Chen and Executive Chairman David Sokol.

The transactions are expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions. After completion, Fairfax expects to continue accounting for its remaining Poseidon investment using the equity method.