Fairfax Financial to invest further $500mn in Seaspan

By zaymalz malz

It has been revealed that leading Canadian financial holdings company Fairfax Financial has agreed to invest a further $500mn in Seaspan Corporation, the world’s largest independent containership owner and operator.

The investment, coming in the form of two tranches, will raise Fairfax’s total investment to $1bn. The company will purchase 38.46mn Class A shares at $6.50 per share on 16 July, later investing $250mn in January 2019.

See also:

“With foundational, long-term oriented partners like Fairfax and the Washington family, we have the opportunity to build on our industry-leading position to drive growth and sustainable shareholder value creation for many years to come,” said David Sokol, Chairman of Seaspan Corporation.

Hong Kong-based Seaspan currently operates 112 constainerships with a total capacity of 900,000 twenty-foot equivalent (TEU).

“We are excited about Seaspan's outstanding progress over the past six months, and with David Sokol's proven capital allocation and shareholder value creation credentials, we are thrilled to expand our relationship,” Said Fairfax Chairman and Chief Executive Officer, Prem Watsa.

The closing of the transaction is subject to regulatory approval and customary closing conditions.


Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital