Triton International (NYSE: TRTN), an intermodal container lessor jumped by more than 25% in pre-market trading after being acquired by Brookfield Infrastructure (BIP) in a cash-and-stock deal worth $4.7 billion and indicating a total enterprise value of approximately $13.3 billion.
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As a part of this deal, Triton will receive a consideration value of $85 per share including $68.50 in cash and $16.50 in class A shares of Brookfield Infrastructure. This deal represents a 35% premium to Triton’s closing share price on April 11 and a 34% premium to the 30-day volume-weighted average share price.
Brian M. Sondey, CEO of Triton commented, “For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. For our customers and employees, Brookfield Infrastructure’s significant resources and long-term investment horizon will support Triton’s franchise, underpin our commitment to providing unrivaled service, and support continued investment in our growing business.”
TRTN stock has gone up by more than 8% in the past year.
