STONEPEAK, the alternative investment firm, has agreed to buy Textainer Group, one of the largest container lessors for US$7.4 billion, reports Fort Lauderdale's Maritime Executive.
Under the terms of the deal, Stonepeak will pay a premium of around 46 per cent, equivalent to $50 per share, compared to Textainer's closing share price on the preceding Friday.
The transaction is expected to cost $2.1 billion and result in Textainer transitioning into a privately held entity.
This arrangement sets the enterprise value of Textainer at about $7.4 billion.
Additionally, Stonepeak has included a 30-day 'go-shop' period, during which Textainer can actively explore and consider alternative acquisition proposals.
'This transaction validates the success of Textainer's strategy and the positive momentum in the business,' said Textainer chairman Hyman Shwiel.
'With the support of an experienced partner like Stonepeak, we are well positioned to continue delivering high-quality equipment and best-in-class service to customers worldwide.'
SeaNews Turkey
Under the terms of the deal, Stonepeak will pay a premium of around 46 per cent, equivalent to $50 per share, compared to Textainer's closing share price on the preceding Friday.
The transaction is expected to cost $2.1 billion and result in Textainer transitioning into a privately held entity.
This arrangement sets the enterprise value of Textainer at about $7.4 billion.
Additionally, Stonepeak has included a 30-day 'go-shop' period, during which Textainer can actively explore and consider alternative acquisition proposals.
'This transaction validates the success of Textainer's strategy and the positive momentum in the business,' said Textainer chairman Hyman Shwiel.
'With the support of an experienced partner like Stonepeak, we are well positioned to continue delivering high-quality equipment and best-in-class service to customers worldwide.'
SeaNews Turkey
