TRITON AND TAL INTERNATIONAL TO MERGE
Creating the World’s Largest and Most Efficient Container Leasing Company
As previously announced, on November 9, 2015, TAL International and Triton entered into a definitive agreement under which the companies will combine in an all-stock merger of equals transaction.
- Strategic combination establishes world’s largest container leasing company with revenue earning assets of $8.7 billion and an estimated 25% market share
- Profitability enhanced through an improved tax basis and $40 million per year in expected SG&A synergies by the end of 2016
- A transformative, immediately accretive transaction estimated to be approximately 30% accretive to net income per share
- Strong balance sheet and cash flows, with no incremental debt incurred
- Maintains TAL International’s annual dividend of $1.80 per share and increases share repurchase plan to $250 million
- Triton was founded in 1980 and is currently owned by Warburg Pincus LLC and Vestar Capital Partners, along with other private investors, including members of Triton management. Triton operates a container fleet of 2.4 million TEU, services its customers through 19 subsidiary offices in 13 countries and is domiciled in Bermuda.
- TAL International was founded in 1963 and has been publicly listed since 2005. TAL International operates a container fleet of 2.4 million TEU, services its customers through 17 offices in 11 countries and is domiciled in Delaware.