Stonepeak is acquiring shipping container lessor Textainer Group Holdings in a $7.4bn (€7bn) take-private deal.

The alternative investment firm is offering the listed company’s shareholders $50 per share in cash, with the total value of the common shares equaling around $2.1bn.

The agreed amount per share represents a 46% premium to Textainer’s last closing share price and an enterprise value of approximately $7.4bn.

Textainer has a primary listing on the New York Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. The company, which leases containers to around 200 customers, has more than 4m twenty-foot equivalent units in its owned and managed fleet. Textainer’s fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. 

Olivier Ghesquiere, president and CEO of Textainer, said: “This transaction has been made possible by our strong company foundation reaffirmed over the last several years, which allowed for both substantial capex growth and the strengthening of our business, further driven by our deep customer relationships.

“By partnering with Stonepeak, we will gain access to investment capital and industry expertise, positioning us for continued growth in the years to come.”

Hyman Shwiel, chairman of the board of Textainer, said Textainer has operated since 1979, becoming a publicly traded company in 2007.

Shwiel said: “After 16 years of operating in the public equity markets, we are very excited to start this new chapter as a private company. We’re particularly proud to have delivered a transaction that creates significant and immediate value for our common shareholders.”

James Wyper, senior managing director at Stonepeak, said: “Textainer forms a critical link in global trade. The business is underpinned by high-quality assets and contracted cash flows that provide substantial downside protection and resilient through-cycle performance.

“These characteristics, along with Textainer’s commitment to customers and disciplined approach to capital expenditure, are what make the company a leader in the sector.”

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