Triton shareholders approve acquisition by Brookfield
The $13 billion sale of Bermudian-based Triton International Limited, the world’s largest lessor of intermodal freight containers, is a step closer to completion.
The shareholders of Triton have voted at a special general meeting to approve the acquisition of the company by Brookfield Infrastructure Partners LP, through its subsidiary Brookfield Infrastructure Corporation and its institutional partners.
The parties announced in April that Triton was to be acquired by Brookfield in a $13.3 billion take-private transaction.
“This is another important step forward for our transaction with Brookfield Infrastructure, and we are pleased to have received overwhelming support from Triton’s shareholders,” said Brian M Sondey, chairman and chief executive officer of Triton.
“We look forward to completing the transaction and marking the beginning of a new chapter for Triton.”
The company said the final, certified voting results will be reported in a Current Report on Form 8-K to be filed with the US Securities and Exchange Commission.
Triton said the transaction is expected to close in the third quarter, subject to the satisfaction or waiver of the remaining closing conditions, including clearance from the Committee on Foreign Investment in the United States.
Upon closing, Triton said, its common shares will be de-listed from the New York Stock Exchange and will no longer be listed on any public market.
As previously disclosed, Triton’s preference shares will remain outstanding immediately following the closing and remain entitled to the same dividends and other preferences and privileges that they currently have, with the preference share dividends remaining an obligation of Triton.
Triton said it expects to continue paying normal quarterly dividends on these shares. Triton expects that the preference shares will continue to be listed on the NYSE immediately following the closing.
Triton has a container fleet of more than seven million 20-foot-equivalent units.