Brookfield Infrastructure to buy freight container company Triton International
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Hey there, time traveller!
This article was published 12/04/2023 (1255 days ago), so information in it may no longer be current.
TORONTO – Brookfield Infrastructure Partners LP and its institutional partners have signed a deal to acquire freight container leasing company Triton International Ltd. for about US$4.7 billion in cash and shares.
Under the deal, Brookfield Infrastructure will pay US$85 per Triton common share including US$68.50 in cash and US$16.50 in Brookfield Infrastructure Corp. class A exchangeable shares.
Shares in Triton, which has a container fleet of over seven million twenty-foot equivalent units, closed at US$63.01 on Tuesday.
Brookfield Infrastructure CEO Sam Pollock says Triton is an attractive business with highly contracted and stable cash flows, strong margins and a track record of value creation.
Pollock says the deal also gives Brookfield Infrastructure a platform for growth in the transportation and logistics sector.
The deal is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by Triton’s shareholders and regulators.
This report by The Canadian Press was first published April 12, 2023.
Companies in this story: (TSX:BIP.UN, TSX:BIPC)