Textainer To Acquire 52,000 TEU For $66M
Bermuda-based Textainer Group Holdings Limited has entered into two separate agreements to acquire 52,000 TEU [twenty-foot equivalent units] from its managed fleet for approximately $66 million with the transfer of ownership rights effective as of August 1, 2012.
The purchase of approximately 4,300 TEU was completed on August 1, 2012 and the purchase of approximately 47,800 TEU is expected to close by the end of September 2012. The two acquired fleets consist of standard dry freight containers and the purchases increase the percentage of Textainer’s owned fleet from 61% as of July 31, 2012 to 63% as of August 1, 2012.
“We are pleased to once again take advantage of opportunities presented by the current industry fundamentals and enter into another accretive transaction for our shareholders,” stated Philip K. Brewer, President and CEO of Textainer.
“While managing containers is a key part of our business strategy, container ownership is typically more profitable. This transaction will increase the owned portion of our fleet and position us to further increase our profitability. We intend to continue to utilize our financial resources to take advantage of similar opportunities that allow us to grow the owned portion of our fleet,” commented Mr. Brewer
