PE Deals

Brookfield to acquire Triton International in take-private deal for $13.3bn

Triton International is a Hamilton, Bermuda-based lessor of intermodal freight containers.

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  • The cash-and-stock transaction values Triton International’s common equity at about $4.7 billion
  • The deal is expected to close in the fourth quarter of this year
  • At closing, the company will stop trading on the New York Stock Exchange

Brookfield Infrastructure Partners has agreed to take private Triton International, a Hamilton, Bermuda-based lessor of intermodal freight containers.

The cash-and-stock transaction values the company’s common equity at about $4.7 billion and reflects a total enterprise value of about $13.3 billion.

The deal is expected to close in the fourth quarter of this year. When this happens, Triton will be delisted from the New York Stock Exchange.

Triton is the world’s largest lessor of intermodal freight containers. With a container fleet of more than 7 million twenty-foot equivalent units, its global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

“Triton is an attractive business with highly contracted and stable cash flows, strong margins and a track record of value creation,” said Sam Pollock, CEO of Brookfield Infrastructure, in a statement. “This transaction provides Brookfield Infrastructure with a high going-in cash yield, strong downside protection, and a platform for growth in the transportation and logistics sector. The transaction consideration also provides the opportunity for Triton shareholders to benefit from owning a globally diversified portfolio of infrastructure assets within a platform that has a proven history of generating long-term value for its shareholders.”

Brookfield Infrastructure Partners, an affiliate of Toronto-based Brookfield Asset Management, is a global infrastructure firm that owns and operates assets in the utilities, transport, midstream and data sectors across North and South America, Asia Pacific and Europe.

Goldman Sachs & Co is serving as exclusive financial advisor to Triton and Sullivan & Cromwell is serving as Triton’s legal advisor, with Appleby as Bermuda counsel.

BofA Securities and Mizuho Securities USA are serving as joint financial advisors to Brookfield Infrastructure with Skadden, Arps, Slate, Meagher & Flom as legal advisor.