NEW YORK—Marathon Acquisition Corp., a New York-based takeover company, agreed to buy 66 percent of containership-owner Global Ship Lease Inc. in a transaction the companies valued at about $1 billion.

Global Ship Lease’s current owners, CMA CGM SA, will retain the remainder of the company’s shares, Marathon said Monday in a statement. The agreement includes about $511 million in debt, $310 million in cash and 25.2 million Marathon shares. The transaction is expected to close in the third quarter.

Global Ship Lease owns 12 container ships, which transport finished products, and has an agreement with CMA of France to buy five more ships through July 2009. The ships will have an average age of 5.5 years. All of the vessels are under long-term charters of at least 11 years with CMA, the world’s third-largest container shipping line.

The industry “has grown at a 10- percent compound rate over the last 20 years, and we expect that to continue,” Marathon chief executive officer Michael Gross said on a conference call.

With increasing global trade and sourcing overseas of manufacturing and assembly work, container shipping may grow at 15 percent to 20 percent annually, he said.

Gross was a founder of the Apollo Management LLP private equity firm along with Leon Black. He is now a managing partner at the New York-based hedge fund Magnetar Capital LLC.

Upon completion of the purchase, Marathon said it would seek the listing of Global Ship Lease shares on the New York Stock Exchange. Global Ship Lease, as the combined company will be called, will pay a dividend of 9.1 percent upon completion of the purchase. (Bloomberg)

DP World to expand Chinese capacity

SHANGHAI—DP World Ltd., the Dubai-controlled port operator, aims to boost its container-handling capacity in China by 30 percent this year because of the country’s surging trade growth.

HONG KONG—Cathay Pacific Airways Ltd., Asia’s third-largest air-freight carrier, will invest HK$4.8 billion ($618 million) in a cargo terminal at Hong Kong airport, as China’s surging exports boost air-freight traffic.

NEW YORK—Carnival Corp., the world’s largest cruise-line company, said first-quarter profit fell less than analysts estimated after fuel and other operating costs were lower than the company expected.

HONG KONG—Hong Kong officials said they had found no signs of life in a tugboat that sank after a collision two days ago, and were continuing attempts to rescue 18 missing Ukrainian crew.

NEW YORK—Marathon Acquisition Corp., a New York-based takeover company, agreed to buy 66 percent of containership-owner Global Ship Lease Inc. in a transaction the companies valued at about $1 billion.