Seaspan Corp., a Hong Kong-based operator of containerships, announced an agreement Thursday to buy Jacksonville-based APR Energy Ltd. for stock valued at $750 million.
The buyout is part of a reorganization of Seaspan into a new holding company called Atlas Corp.
APR, which builds fast-track power plants around the world, was a public company before it was acquired by a group of private equity firms in early 2016.
“We are bringing together two leading, integrated platforms, in two industries in which we have long-term confidence – maritime and energy,” Seaspan Chairman David Sokol said in a news release.
“The addition of APR to Atlas will diversify our cash flows and expand our asset portfolio,” he said.
“We know this will provide a significant opportunity to remain the best-in-class for delivering fast power while expanding our efforts into renewable, alternative fuels, and other longer-term power projects,” APR Chief Executive Chuck Ferry said in the release.
The reorganization and the acquisition of APR is expected to be completed in the first quarter of 2020.
Seaspan is publicly traded on the New York Stock Exchange under the ticker symbol “SSW.” The company expects Atlas to also trade on the New York exchange after the buyout.
Seaspan reported revenue of $843 million and net income of $368 million in the first nine months of this year.
The company did not give any financial data for APR but said in a Securities and Exchange Commission filing “APR Energy has a recent history of net losses.”