Fairfax Financial to sell portion of interest in Poseidon Corp.

Fairfax Financial (FRFHF) Holdings entered into agreements, together with certain of its affiliates to sell an aggregate of 67,618,981 common shares of Poseidon Corp., the holding company that owns Seaspan Corporation, at a price of $28.30 per share, for aggregate proceeds of approximately $1.91B The Shares are being sold by Fairfax by way of separate agreements to an existing shareholder of Poseidon that has determined to increase its ownership interest in Poseidon and two new strategic investors. Following the sale of the Shares, which represent approximately 23.2% of the total issued and outstanding common shares of Poseidon, Fairfax would retain an equity ownership of approximately 22.1% of the issued and outstanding common shares as well as 12,000,000 Series J preferred shares in the capital of Poseidon’s wholly-owned subsidiary, Atlas Corp. 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. Following the consummation of the transactions, Fairfax expects to continue to account for its investment in the common shares of Poseidon under the equity method of accounting.