April 19, 2023 | Industrials | North America | Ended

Triton / Brookfield Infrastructure: Deal Insights

Canadian infrastructure operator Brookfield Infrastructure Partners (BIP US) announced on 12-Apr-23 that it will take private Bermuda-based and US-listed freight container lessor Triton International in a cash and stock transaction at an equity value of $4.7bn and a total enterprise value of $13.3bn. The headline offer consideration is $85 per Triton share, made up of $68.50 in cash and $16.50 in Brookfield Infrastructure Corporation (BIPC US), a subsidiary of BIP; the price represents a 35% one-day premium. The transaction has been unanimously approved by Triton's board of directors and closing conditions include approval by Triton shareholders (50%) as well as national security clearance from CFIUS and antitrust approvals from the US, EC, and China. The preliminary proxy will be filed within 30 business days (by 22-May-23) while HSR and CFIUS notifications will be presented within 20 business days (by 8-May-23). BIPC shareholder approval is not required. The merger agreement also contains customary clauses on ...

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