OR WAIT null SECS
Atlas Corp. has closed the acquisition of APR Energy Limited, a global leader in fast-track, mobile power solutions, in an all-stock transaction valued at
. Atlas issued approximately 29.9 million ATCO shares to the APR sellers as equity consideration, at a deemed value of
per share. Including 6.7 million ATCO shares reserved for holdback, this implies equity value of approximately
, after adjusting for net debt and other transaction adjustments, subject to final post-closing purchase price adjustments. This announcement follows Seaspan Corporation's previously announced holding company reorganization to create a new holding company, Atlas. With completion of the Transactions, Seaspan and APR are now both wholly-owned subsidiaries of Atlas.
is Chairman of the Board of Directors of Atlas along with Bing Chen as President and Chief Executive Officer and Director of Atlas and
as Chief Financial Officer of Atlas.
APR is a global leasing franchise that owns and operates a fleet of gas turbines and other power generation equipment to provide power solutions to customers including large corporations and/or government backed utilities. APR focuses on maintaining high asset utilization through medium-to-long-term contracts to optimize cash flows across its lease portfolio.
, Chief Financial Officer of Atlas, commented, "APR represents Atlas' first major investment outside of our shipping portfolio. Acquiring this core infrastructure asset at an attractive risk-adjusted valuation is consistent with our investment philosophy to identify businesses that serve stable and growing end-markets which benefit from a focus on operational excellence. As the leading global provider of mobile power solutions, APR provides Atlas with an important energy industry vertical for long-term capital deployment opportunities through various market cycles. As part of Atlas, APR is ideally positioned to benefit from increased access to capital, enabling the business to grow and continue delivering best-in-class operations."
, Chief Executive Officer of APR, said, "With the closing of this transaction APR becomes an integral part of the Atlas team. We are looking forward to growing our industry-leading position in fast-track, mobile power solutions while expanding our business into new areas of focus including renewable, alternative fuels, and other longer-term power projects globally."