Triton Container International and TAL International Group have jointly announced that they have entered into an agreement under which the companies will combine in an all-stock merger of equals transaction. The transaction will create the world’s largest lessor of intermodal freight containers with a combined container fleet of nearly 5m teu and revenue earning assets of $8.7bn.
After the merger, Triton and TAL International will combine under a newly-formed holding company, Triton International, based in Bermuda, and is expected to be listed on the New York Stock Exchange.
“This transaction will create a company with deep industry knowledge, enhanced operating and systems capabilities and expanded fleet size. Both Triton and TAL International have well-earned reputations for competence and reliability with our customers, suppliers and capital providers. We are proud of what Triton has accomplished over the last 35 years and we believe that joining forces with TAL International is a next logical step in our evolution. We look forward to bringing together our similar cultures of dependability, high quality customer service and teamwork,” said Ed Schneider, co-founder and chairman of the Triton.
Brian Sondey, president and chief executive officer, TAL International, said “This is a transformational transaction. The new company’s enhanced capabilities, larger scale and improved cost competitiveness will better position it in the current soft operating environment and provide valuable operating leverage when the market recovers.”
Triton and TAL International will own 55% and 45% equity in the new company respectively.