Appleby Bermuda Advised Triton On 8.7B Merger
Law firm Appleby acted as Bermuda counsel to Triton Container International Limited [TCIL] in its merger with TAL International Group, Inc., a NYSE-listed, US company [TAL].
The transaction has created the world’s largest lessor of intermodal freight containers and chassis. The combined business will have USD8.7bn in revenue generating assets and an estimated global market share of 25%.
TCIL and TAL have combined under a newly-formed Bermuda holding company, Triton International Limited [TIL] which is now listed on the NYSE. The deal closed 12 July.
Appleby advised on all Bermuda aspects of the transaction, working closely with US counsel and TCIL to identify potential challenges and devise solution-driven strategies.
“This matter was innovative and complex as it involved a listed US company and a Bermudian company coming together through two separate mergers [one US and one Bermuda] under a single newly formed Bermuda parent company that is now listed on the NYSE,” said Steven Rees Davies, a Bermuda-based Appleby partner who led the firm’s deal team.
Rees Davies was assisted by Senior Associates Sally Penrose and Gary Harris, Associates Tiffany Boys and Shannon Cann, and Dispute Resolution partner John Wasty.
