Seaspan Corporation Soars After Acquiring Seaspan Management Services

Seaspan Corporation SSW is soaring today after the company announced it acquires Seaspan Management Services Limited for $54 million in a stock-based transaction. Furthermore, the company will acquire and retire 100 percent of the outstanding Class C Common Stock held by the owners of Seaspan Management Services. Seaspan is an independent charter owner of containerships, which it charters primarily pursuant to long-term fixed-rate time charters to major container liner companies. Seaspan Corporation is currently trading at $12.43, a gain of $1.98 or 18.95%.