Marathon Acquisition Corp. Shareholders Approve Merger with Global Ship Lease

Marathon Acquisition Corp, a SPAC that has shown up frequently in our blog, has finally closed on its acquisition of Global Ship Lease, according to an 8-K filed today. In August 2006, Marathon through its initial public offering raised approximately $308.8 million. The merger transaction values Global Ship Lease and its seventeen vessel fleet at approximately $1.0 billion. Following stockholder and warrant holder approval of the merger, Marathon’s stockholders will own approximately 66% of Global Ship Lease and CMA CGM will own approximately 34%.

Global Ship Lease is a container ship charter owner and a subsidiary of CMA CGM. of France, the world’s third largest container shipping company.

Global Ship Lease currently owns 12 vessels and has contracts in place to purchase an additional five vessels for $437 million from CMA CGM.

Click here for the press release.