HAMILTON, Bermuda - Textainer Group Holdings (NYSE:TGH) Limited (NYSE: TGH; JSE: TXT), a prominent intermodal container lessor, announced that its shareholders have agreed to a buyout by Stonepeak, an infrastructure-focused private investment firm. The approval was secured during a special shareholder meeting on Thursday.
According to the terms of the acquisition, Textainer's common shareholders will receive $50.00 per share in cash, excluding interest and subject to applicable taxes. The deal also stipulates that Textainer's preference shares will convert into preference shares of the acquiring entity, which will subsequently redeem these shares in cash within 120 days post-acquisition.
The acquisition is expected to close around March 14, 2024, following the receipt of all required antitrust approvals. These developments mark a significant transition for Textainer, which has been in operation since 1979 and boasts a fleet of over 4 million twenty-foot equivalent units (TEUs). The company services around 200 customers, including major global shipping lines, and has a substantial presence in the sale of new and used containers.
The press release also highlighted potential risks associated with the acquisition, such as the possibility of not achieving anticipated benefits within the expected timeframe, the impact of the announcement on Textainer's stock prices, and transaction costs, among other factors.
Textainer's network includes 14 offices and approximately 400 independent depots around the world. With primary and secondary listings on the New York and Johannesburg stock exchanges, respectively, the company is a key player in the container leasing industry.
This announcement is based on a press release statement from Textainer Group Holdings Limited.
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