Freight container lessor Triton International has agreed to a buy-out by Brookfield Infrastructure Partners (BIP) in a $13.3bn (鈧�12.1bn) take-private deal.
BIP is buying Triton in a cash and stock transaction by offering $85 per Triton common share, consisting of $68.50 in cash and $16.50 in BIP鈥檚 subsidiary Brookfield Infrastructure Corporation (BIPC) class A exchangeable shares.
When the transaction closes, BIP鈥檚 equity investment is expected to be approximately $1bn, inclusive of the BIPC shares.
The deal values Triton鈥檚 common equity at around $4.7bn and reflects a total enterprise value of about $13.3bn.
Brian M Sondey, Triton鈥檚 CEO, said the sale price provides significant value to its investors and represents a 35% premium to the last closing share price.
Sondey added: 鈥淔or our long-term shareholders, this transaction crystalises a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International.
鈥淔or our customers and employees, Brookfield Infrastructure鈥檚 significant resources and long-term investment horizon will support Triton鈥檚 franchise, underpin our commitment to providing unrivaled service, and support continued investment in our growing business.鈥�
Sam Pollock, CEO of Brookfield Infrastructure, said: 鈥淭his transaction provides Brookfield Infrastructure with a high going-in cash yield, strong downside protection, and a platform for growth in the transportation and logistics sector.
鈥淭he transaction consideration also provides the opportunity for Triton shareholders to benefit from owning a globally diversified portfolio of infrastructure assets within a platform that has a proven history of generating long-term value for its shareholders.鈥�
Triton is the world鈥檚 largest owner and lessor of intermodal containers and is a provider of transportation logistics infrastructure supporting global supply chains. With a container fleet of over 7m twenty-foot equivalent units, Triton鈥檚 global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
To read the latest edition of the latest 91传媒在线 magazine click here.
