Brookfield Infrastructure to buy Triton for $4.7bn
By Michele Maatouk
Date: Wednesday 12 Apr 2023
(Sharecast News) - Triton International said on Wednesday that it has agreed to be bought by Brookfield Infrastructure for $4.7bn in cash and shares.
The total consideration of $85.00 per Triton share will consist of $68.50 in cash and $16.50 in BIPC class A exchangeable shares.
Triton is a leasing company specialising in intermodal freight equipment leasing and maritime container management services.
The firm's chief executive, Brian M. Sondey, said: "We believe this transaction provides an excellent outcome for all of Triton's stakeholders. The sale price provides significant value to our investors and represents a 35% premium to yesterday's closing share price.
"For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. For our customers and employees, Brookfield Infrastructure's significant resources and long-term investment horizon will support Triton's franchise, underpin our commitment to providing unrivalled service, and support continued investment in our growing business."
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