Ontario Teachers To Pay $467M ForSeaCube

Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds, said it will buy SeaCube Container Leasing Ltd for about $467 million, sister news service Reuters reported. Under the terms of the agreement, SeaCube shareholders will receive $23 for each share, a 13 percent premium to the company’s Friday closing on the New York Stock Exchange.

The deal, which is in U.S. currency, has been unanimously approved by the board of SeaCube, and is expected to close in the first half of 2013, Ontario Teachers’ said in a statement. The deal is being led by Ontario Teachers’ Long-Term Equities group. The pension fund also plans to operate SeaCube as a standalone business operation with the current management team remaining in place.

SeaCube is incorporated in Bermuda. The head office is in Park Ridge, N.J.

Shounak Dasgupta is a correspondent for Reuters in Bangalore.