Triton International Agreed to $13 Billion Deal from Brookfield Infrastructure

Scott Peters
12 Apr, 2023
New York City

Triton International Limited increased 32% to $83.05 after the company agreed to be acquired by a subsidiary of Brookfield Infrastructure. 

The container leasing company agreed to a total consideration of $85.0 per common share, consisting of $68.50 in cash and $16.50 in BIPC class A share. 

The deal values the company at $4.7 billion equity and for an enterprise valuation, which includes its total debt, of $13.3 billion. 

The Brookfield offer provides a 35% premium to yesterday's closing price of $63.01. 

Triton International revenue in 2022 increased 9.5% to $1.67 billion and adjusted net income attributable to common shareholders increased 14.4% to $702.8 million and diluted earnings per share rose 23.6% to $11.32. 

In November 2015, Triton Container International Limited agreed to merge with TAL International Group in and create Triton International with 55% stake held by Triton and remaining controlled by TAL shareholders. 

At the time of the merger, the two companies had a container portfolio of 2.4 million twenty-foot equivalent units each, which has since increased to a total of 7 million TEU. 

Brookfield Infrastructure is a listed subsidiary of Brookfield Corporation, an alternative investment management company with $800 billion in assets under management. 

The transaction is expected to close in the fourth quarter of 2023 and has been approved by the Board of Directors of Triton. 

The transaction has also received all necessary approvals from Brookfield Infrastructure, is not subject to a financing condition, and does not require approval from Brookfield Infrastructure shareholders.