Textainer Group Holdings (NYSE:TGH) Limited, a prominent player in the intermodal container leasing sector, has concluded its "go-shop" period, a phase where alternative acquisition offers could be considered, following a proposal from investment firm Stonepeak. The deal, which values Textainer at approximately $7.4 billion or $50 per share, did not attract any competing bids during this period.
The acquisition is expected to be completed in the first quarter of 2024, subject to the satisfaction of customary closing conditions, including approval from Textainer shareholders and regulatory clearances. Once finalized, Textainer will transition from a public entity to a private company and will no longer be listed on the New York Stock Exchange (NYSE) and Johannesburg Stock Exchange (JSE).
Founded in 1979, Textainer has established itself as a key supplier in global trade, leasing more than 4 million twenty-foot equivalent units (TEUs) of containers. The company's diverse inventory caters to approximately 200 clients that include major shipping lines and the U.S. Military. In addition to leasing, Textainer is also active in the purchase and sale of new and used containers globally.
Stonepeak, the acquiring entity, manages assets totaling around $57.9 billion across various essential infrastructure sectors worldwide. This strategic acquisition is poised to add significant value to their portfolio.
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