China-based Yangzijiang Shipbuilding (Holdings) (SGX:BS6) completed the acquisition of a 10% equity interest in Poseidon on Friday.

Poseidon, which owns the container ship owner and operator Seaspan Corporation, is now an associated company of Yangzijiang following the transaction.

The acquisition, the value of which was undisclosed, was paid for in cash and was funded by the group's internal resources, according to a filing with the Singapore Exchange on Saturday.

The stake was acquired from affiliates of Canada's Fairfax Financial and the Washington Family for $825.7 million, according to an earlier filing.