Brookfield Infrastructure Partners L.P. (BIP) aims to buy the world’s largest lessor of containers Triton International Limited (TRTN) for approximately US$4.7 billion.
The transaction will be completed through BIP’s subsidiary Brookfield Infrastructure Corporation (BIPC) and its institutional partners (collectively, Brookfield Infrastructure), reflecting a total enterprise value of approximately US$13.3 billion.
The transaction has been unanimously approved and recommended by the board of directors of Triton and is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by Triton’s shareholders and receipt of required regulatory approvals.
The transaction has also received all required approvals from Brookfield Infrastructure, is not subject to a financing condition, and is not subject to approval from BIPC shareholders.
Triton will be consolidated from an accounting perspective to Brookfield Infrastructure, but it is intended to run on a stand-alone basis with the same management team in place today.
According to Brookfield Infrastructure, the company aims to maintain Triton’s existing investment grade capital structure and uphold the highest operating and customer service standards for the benefit of Triton’s customers and stakeholders.
Upon the closing of the transaction, Triton’s common shares will be delisted from the New York Stock Exchange. Triton’s Series A-E cumulative redeemable perpetual preference shares will remain outstanding.
