Honigman LLP Advises Acquirer Poseidon in Atlas’ US$10.9 Billion Going-Private Transaction

Press Release

On March 28, 2023 Atlas Corp. (NYSE: ATCO), a leading global asset management company, and Poseidon Acquisition Corp. (“Poseidon”), an entity formed by David L. Sokol, Chairman of the Board of Atlas, certain affiliates of Fairfax Financial Holdings Limited (“Fairfax”), certain affiliates of the Washington Family (“Washington Family”), and Ocean Network Express Pte. Ltd., and certain of their respective affiliates, consummated their previously announced merger transaction pursuant to which Poseidon acquired all of the outstanding common shares of Atlas not already owned by Fairfax, the Washington Family and Mr. Sokol in an all-cash transaction for an enterprise value of approximately US$10.9 billion. Together, at the time the merger agreement was signed, Fairfax, the Washington Family and Mr. Sokol owned or controlled approximately 68% of the fully-diluted outstanding common shares of Atlas. Mr. Sokol will continue as the Chairman of the Board of Poseidon.

Honigman LLP represented Mr. Sokol and Poseidon in the transaction.  Honigman’s deal team was led by corporate partners Tracy Larsen, Jeff Kuras and Jordan Schwartz, and was supported by partners Sam Katz (securities), Barb Kaye (corporate), Mike Domanski (tax), James Combs (tax), and Melissa Grim (executive compensation and benefits). Also advising on the transaction were corporate associates Andrew Khouri and Paul Guenther.

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