The firm has provided around 29.9 million Atlas shares to the sellers of APR as equity consideration, at value of $11.10 per share
Asset manager Atlas has completed the acquisition of a fast-track, mobile power solutions provider, APR Energy for $750m.
The firm has provided around 29.9 million Atlas shares to the sellers of APR as equity consideration, at value of $11.10 per share.
Subject to final post-closing purchase price adjustments, approximately 6.7 million shares are reserved for holdback that includes equity worth about $406m, after adjusting for net debt and other transaction adjustments.
The acquisition follows the previously announced holding company reorganisation of Seaspan to a new holding company, Atlas. Seaspan and APR have now become wholly-owned subsidiaries of Atlas.
Seaspan and APR will continue to lead as owner/operators in diversified industries
Atlas president and CEO Bing Chen said: ” This is evidenced by our past few months’ investments of nearly $800 million in acquiring 11 high quality vessels with long-term charters.
“We’ve proven the resilience of our business model with the contracted revenue to $4.6 billion and a weighted average remaining lease period of approximately 4.2 years.
“Seaspan is further committed as the industry leader in the owner/operator space through our creative customer partnership and relentless focus on operational excellence while continuing to invest in our unique integrated platforms.”
The reorganisation of the company will advance Atlas’ strategy capital allocation, diversification of cash flows, improved risk management as well as operational transparency.
Atlas stated that Seaspan, which is focused on providing services to its customers, will continue to operate independently and will finance its own operations.
Furthermore, both Seaspan and APR will continue to lead as owner/operators in diversified industries globally.
Similar to Seaspan, APR is a global leasing franchise that owns and operates a fleet of gas turbines and other power generation equipment.