Shares in Textainer Group Holdings Ltd climbed in pre-market trading on news that the shipping container firm had agreed to a US$7.4 billion sale to investment firm Stonepeak.
New York-listed Textainer announced the deal on Sunday, which will see Stonepeak buy its shares for US$50 each - up 46% on Friday’s closing price.
This will see Stonepeak pay US$2.1 billion for Textainer’s issued shares, which will subsequently be delisted from the New York and Johannesburg stock exchanges.
Including debt, the deal will be worth US$7.4 billion and will likely be completed in early 2024, Textainer said in a statement.
“By partnering with Stonepeak, we will gain access to investment capital and industry expertise, positioning us for continued growth in the years to come,” Textainer boss Olivier Ghesquiere commented.
Textainer is one of the world’s largest container leasing firms, with around four million twenty-foot equivalent units in its inventory.
Its sale comes after a similar deal by Brookfield Infrastructure Partners for rival Triton International in April this year.
“After sixteen years of operating in the public equity markets, we are very excited to start this new chapter as a private company,” Textainer chairman Hyman Shwiel commented.
“We’re particularly proud to have delivered a transaction that creates significant and immediate value for our common shareholders.”
Shares rose by 1% to US$34.50 on the news.