Walkers acts on Stonepeak's Acquisition of Textainer for $7.4 Billion

It was announced on 22 October 2023 that Bermuda-based Textainer, one of the world's largest lessors of intermodal containers with 14 offices and around 400 depots worldwide, had entered into a definitive merger agreement to be acquired by Stonepeak. The 'go-shop' period concluded on 22 November 2023 and the deal did not attract any competing bids during this period.

Upon completion of the transaction and the redemption of Textainer’s Series A and B cumulative redeemable perpetual preference shares, Textainer will become a privately held company. Textainer has been a publicly traded company since 2007, with a primary listing on the New York Stock Exchange (NYSE:TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE:TXT). The transaction represents an aggregate enterprise value of approximately $7.4 billion, with the purchase price representing a premium of approximately 46% over Textainer's closing share price on the last full trading day before the agreement was signed. Common shareholders of Textainer will receive $50.00 per share in cash, with the total value of the common shares equaling approximately $2.1 billion. The transaction is projected to close in the first quarter of 2024, subject to standard closing conditions and corporate and regulatory approvals.

Stonepeak is a leading alternative investment firm specialising in infrastructure and real assets with approximately $57.1 billion of assets under management. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney.

The Walkers team is led by partner, Sarah Demerling, and supported by associate, Amelia Oatley based in the Bermuda office.