Brookfield Infrastructure Partners struck a deal to buy Triton International Ltd., the world’s largest owner of intermodal containers, for US$4.7 billion.
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The takeover bid is for US$85 a share, including US$68.50 in cash, the companies said early Wednesday, and is expected to close in the fourth quarter. It’s a 35 per cent premium to Tuesday’s closing price.
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“Triton is an attractive business with highly contracted and stable cash flows, strong margins and a track record of value creation,” Sam Pollock, chief executive officer of Toronto-based Brookfield Infrastructure, said in a statement. Including debt, the deal is worth US$13.3 billion.
Triton is based in Bermuda and listed in New York. It owns over seven million container units.
