Marathon Buying Global Ship Lease

Marathon Acquisition Corp. and Global Ship Lease Inc. said Monday that Global Ship will access the public equity markets through a merger with Marathon valued at about $1 billion.

After completion of the merger, Global Ship said it intends to raise its annual dividend payout to 76 cents from 72 cents a share.

Global Ship Lease is a containership charter owner and currently a subsidiary of CMA CGM S.A. of France, the world's largest container shipping company.

Following stockholder and warrantholder approval of the merger, Marathon's stockholders will own about 66% of Global Ship Lease and CMA CGM will own about 34%.

Shares of Marathon Acquisition (MAQ), a New York-based diversified investments company, closed Thursday at $7.87.