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November 18, 2018
 

GSL closes on Poseidon merger

In late October, Global Ship Lease (GSL) and Poseidon Containers entered into a merger agreement for a stock-for-stock transaction representing a total value of over $780 million to create a leading containership charter owner.​

The combined company will have a fleet of 38 vessels with a total capacity of almost 199,000 teu, contracted revenues in excess of half a billion US dollars and a New York Stock Exchange listing.

The combined fleet will have weighted average ago of 10.7 years and with the recently announced new charters, contracted revenue of approximately $720 million.

Prior to closing the merger, Poseidon Containers opportunistically refinanced $228.8 million of secured bank debt, crystalising a debt reduction of $48.2 million. Crédit Agricole CIB acted as M&A financial advisor to Poseidon Containers.