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Stonepeak Portfolio Company Textainer to Acquire Seaco

1. Textainer to acquire Global Sea Containers for $1.75 billion. 2. Seaco has a fleet of over 2.4 million TEUs globally. 3. Transaction subject to regulatory approvals and customary closing conditions. 4. Textainer aims to enhance container inventory and solutions for customers. 5. Partnership intends to strengthen operational capabilities in logistics sector.

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FAQ

Why Bullish?

The acquisition could improve Textainer's market position and operational capacity, similar to past successful mergers in the shipping sector like Triton and TAL International.

How important is it?

The acquisition aligns with TGH's strategy and enhances competitive positioning, potentially improving growth prospects.

Why Long Term?

The integration of Seaco may take time to reflect in TGH's stock performance, as evidenced in previous M&A activities in the logistics industry.

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TGHTALTRTNWERN
HAMILTON, Bermuda--(BUSINESS WIRE)--Typewriter Ascend Ltd, an entity controlled by Stonepeak and an affiliate of Textainer, has entered into an agreement to acquire Global Sea Containers Limited (“Seaco” or the “Company”) from Bohai Leasing Co., Ltd (“Bohai”) for an equity purchase price of $1.75 billion, subject to certain adjustments. Originally established in 1965, Seaco is incorporated in Bermuda and is currently owned by Bohai, an entity listed on the Shenzhen Stock Exchange. Seaco is a marine container leasing company with global operations, and the Company today owns and operates a container fleet greater than 2.4 million TEU across a worldwide footprint of over 360 depots and 23 offices. Olivier Ghesquiere, Textainer’s Chief Executive Officer, commented, “With the combined expertise and resources of both companies, our business will be better positioned to serve its customers with expanded available inventory and a broader range of container solutions.” “This is an exciting moment for both Textainer and Seaco. By bringing together two world-class teams with deep industry expertise, we’re building a stronger, more resilient company that’s better positioned to serve our customers and grow in a dynamic global market. We’re proud to support this success and we are looking forward to what Textainer and Seaco can achieve together,” said James Wyper, Board member of Textainer, and Head of Transportation & Logistics and Head of U.S. Private Equity at Stonepeak. The transaction is subject to customary closing conditions, including certain regulatory approvals. Advisors BofA Securities is acting as exclusive financial advisor to Stonepeak. Simpson Thacher & Bartlett LLP is acting as legal counsel to Stonepeak. Deutsche Bank Securities Inc. is acting as exclusive financial advisor to Bohai and its subsidiaries. Hogan Lovells is acting as legal counsel to Bohai and its subsidiaries. About Stonepeak Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com. About Textainer Textainer has operated since 1979 as a leading lessor of intermodal containers with 4.5 million TEU in our owned and managed fleet. We lease containers to approximately 200 customers, including all of the world’s leading international shipping lines. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. Textainer operates via a network of 14 offices and approximately 400 independent depots worldwide. Visit www.textainer.com for additional information about Textainer.

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