Marathon Acquisition Corporation (MAQ) to ACquire Global Ship Lease for $1 Billion

March 24, 2008 7:10 AM EDT

Marathon Acquisition Corp. (AMEX: MAQ) announced that Global Ship Lease will access the public equity markets through a merger with Marathon valued at approximately $1 billion pursuant to an agreement and plan of merger. Global Ship Lease is a rapidly growing containership charter owner currently a subsidiary of CMA CGM S.A. of France ("CMA CGM"), 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 from CMA CGM expected for delivery between December 2008 and July 2009. The transaction values Global Ship Lease and its 17 vessel fleet at approximately $1.0 billion. Following stockholder and warrantholder approval of the merger, Marathon's stockholders will own approximately 66% of Global Ship Lease and CMA CGM will own approximately 34%.

After consummation of the merger, Global Ship Lease intends to pay quarterly dividends beginning with an initial base dividend of $0.18 per share payable for the third quarter of 2008.

Marathon Acquisition Corp is a blank check company formed for the purpose of acquiring, through a merger, stock exchange, asset acquisition, reorganization or similar business combination, one or more operating businesses. [SM]

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