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Replace 8:40pm: Updates with firm affirmation.
Infrastructure fund Stonepeak agreed to purchase delivery container lessor Textainer Group (NYSE:TGH) for $2.1 billion.
Textainer (TGH) will obtain $50 a share in money, in line with assertion late Sunday. Together with Textainer’s debt, the deal is price about $7.4 billion. The deal represents a 46% premium to Textainer’s (TGH) closing value on Friday.
The per share consideration paid to shareholders on the JSE will likely be in South African Rand at an change price established in accordance with the merger settlement.
The transaction is predicted to shut within the Q1.The transaction isn’t topic to a financing situation. The merger settlement features a 30-day “go-shop” interval that expires on Nov. 22, which allows Textainer (TGH) and its monetary advisor to proceed to actively solicit and take into account different acquisition proposals.
Following the completion of the transaction, Textainer (TGH) will proceed to be led by its President and CEO, Olivier Ghesquiere, and can proceed to be headquartered in Hamilton, Bermuda.
Previous to closing, Textainer (TGH) intends to keep up its present quarterly dividend on each the Textainer widespread and choice shares. Textainer’s Sequence A and B cumulative redeemable perpetual choice shares will likely be referred to as for redemption on the quantity set forth within the relevant certificates of designation for such choice shares no later than 120 days following the closing.
The information was earlier reported by the WSJ.
BofA Securities is serving as monetary advisor to Textainer. O’Melveny & Myers LLP is performing as lead authorized counsel.