Stonepeak Partners has agreed to buy Textainer Group Holdings Ltd. in a deal that gives the container leasing firm an enterprise value of about $7.4 billion.
(Bloomberg) — Stonepeak Partners has agreed to buy Textainer Group Holdings Ltd. in a deal that gives the container leasing firm an enterprise value of about $7.4 billion.
Textainer shareholders will receive $50 per share in cash, with the total value of the common shares equaling $2.1 billion, according to a statement Sunday. That represents a roughly 46% premium over the stock’s closing price of $34.15 on Friday.
Textainer has a fleet of intermodal containers with more than 4 million twenty-foot equivalent units of capacity, which it leases to the world’s leading shipping lines and other customers, according to the statement.
“Textainer forms a critical link in global trade,” said James Wyper, senior managing director at Stonepeak. “The business is underpinned by high-quality assets and contracted cash flows that provide substantial downside protection and resilient through-cycle performance.”
The transaction is expected to close in the first quarter of 2024, following which the company will delist from the New York Stock Exchange and Johannesburg Stock Exchange. It’s subject to approval by shareholders and regulatory approvals.
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