In November 2018, Poseidon Containers Holdings LLC and K&T Marine LLC (together “Poseidon Containers”) completed a stock-for-stock merger with UK-based Global Ship Lease, Inc. (NYSE: GSL), representing a total transaction value of over $780 million on an asset value basis, to create a leading containership owner focused on mid-sized and smaller vessels. The combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU and an average fleet age weighted by TEU of 10.7 years. Under the terms of the merger agreement, GSL will issue 24.045 million shares of Class A common stock and 0.250 million shares of Series C perpetual preferred stock, which are convertible into an aggregate of 103.642 million shares of Class A common stock. Affiliates of Kelso & Company L.P. will be the sole holders of the convertible preferred stock, which represents approximately 49.2% of the voting power and approximately 56.4% of the economic interest in GSL. A Seward & Kissel team led by Gary Wolfe, Nick Katsanos, James Abbott, Michael Timpone, James Cofer, Will Vogel, Kurt Plankl and Sophia Agathis represented Poseidon Containers in this transaction.