Is It Time To Review Stock News? SEASPAN CORP/SH SH, (NYSE:SSW)

On Thursday SEASPAN CORP/SH SH, (NYSE:SSW) stock recorded daily change of 0.26% to close at $11.36 with the total traded volume of 1140311 shares along average volume of 570417 shares 52 week range of the stock remained $ 7.35 – 11.75 while its day low price was $11.06 and its hit its day high price at $11.5. Its previous closing value stands at $11.33. SSW total market capitalization is $2449774837. Currently stocks EPS is $1.98 while its price to earnings ratio is 5.74.

On Nov. 21, 2019, SEASPAN CORP/SH SH, (NYSE:SSW) revealed that its Board of Directors has approved the implementation of a holding company reorganization (the Proposed Reorganization), to create a new holding company, Atlas Corp. (Atlas), which will become the new parent company of Seaspan. The Proposed Reorganization is intended to advance strategic capital allocation initiatives and provide operational transparency. In conjunction with the Proposed Reorganization, Seaspan also announced that it has entered into a definitive agreement to acquire APR Energy Limited (APR), a global leader in fast-track, mobile power solutions (the Proposed Acquisition; together with the Proposed Reorganization, the Proposed Transactions).

Highlights of Proposed Transactions

  • The Proposed Reorganization advances the commitment from the Board of Directors and management to thoughtful capital allocation and diversification of cash flows through professional asset management.
  • In the Proposed Acquisition, Atlas will acquire APR, the world’s largest lessor of mobile gas turbines, in an all-stock transaction valued at $750 million including the assumption of debt, for an expected equity value at closing of approximately $425 million. Atlas shares will be issued to the sellers in the Proposed Acquisition at $11.10 per share.
  • Seaspan and APR are the global leaders in scale and service quality for their asset classes and offer unique integrated platforms to both lease and manage assets on long-term contracts.
  • David Sokol will be Chairman of the Board of Directors of Atlas along with Bing Chen as Chief Executive Officer and Director of Atlas and Ryan Courson as Chief Financial Officer of Atlas.

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