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.

Transaction Highlights

  • 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

Company Backgrounds

  • 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.