Ocean Network Express Pte. Ltd. entered into agreement to acquire additional 18.51% stake in Atlas Corp. from Fairfax Financial Holdings Limited for $1.1 billion.
Published on 03/10/2026
at 10:38 am EDT - Modified on 03/09/2026
Ocean Network Express Pte. Ltd. entered into agreement to acquire additional 18.51% stake in Atlas Corp. from Fairfax Financial Holdings Limited (TSX:FFH) for $1.1 billion on March 10, 2026. A cash consideration valued at $28.3 per share will be paid by Ocean Network Express Pte. Ltd. In related deal Fairfax Financial agreed to sell to two new strategic investors in respect of 9,932,937 Shares and 19,865,877 Shares, respectively. Upon the successful closing of these transactions, ONE?s total ownership stake in Poseidon will increase to 48.9%.
Each Sale Transaction is expected to close in the second quarter of 2026, with each being subject to certain customary closing conditions, including the receipt of regulatory approvals and third-party consents.
David Kurzweil and Julian Azran of Latham & Watkins LLP acted as legal advisor for Ocean Network Express Pte. Ltd.
Fairfax Financial Holdings Ltd is a holding company. The Company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management. Its segments include Property and casualty insurance and reinsurance companies Life insurance and Run-off and Non-insurance companies. The Property and Casualty Insurance and Reinsurance segment includes North American Insurers, Global Insurers and Reinsurers and International Insurers and Reinsurers. The Life Insurance and Run-off segments include Eurolife and Run-off. The Non-insurance companies segment includes restaurants and retail, Fairfax India, Thomas Cook India and others. Eurolife and Gulf Insurance underwrite traditional life insurance policies (endowments, deferred annuities, whole life and term life), group benefits, including retirement benefits, and accident and health insurance policies. The North American Insurers include Northbridge, Crum & Forster and Zenith National.
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Ocean Network Express Pte. Ltd. entered into agreement to acquire additional 18.51% stake in Atlas Corp. from Fairfax Financial Holdings Limited for $1.1 billion.
