Japan’s Mitsubishi HC Capital (MHC) has snapped up San Francisco-based container leasing firm CAI Worldwide in a $1.1bn deal.
The deal contains of $104m of most well-liked inventory and $986m of widespread inventory fairness worth, and has an enterprise worth of $2.9bn, the New York-listed CAI Worldwide mentioned.
MHC has supplied $56 per share in money, marking a 46.8% premium over CAI Worldwide’s final closing value on June 17. The transaction has been unanimously accepted and is presently anticipated to shut in late Q3 or early This autumn of 2021.
After the closing of the transaction, MHC expects to retain CAI’s current administration staff and staff. CAI’s shares will not be listed on the New York Inventory Alternate and its headquarters will stay in San Francisco, mentioned the newly-promoted CEO and president, Timothy Web page.
In 2014, Mitsubishi UFJ Lease entered into the container leasing market with the acquisition of Beacon Intermodal Leasing (BIL) and, since then, it has been trying to broaden its presence within the area. In September final 12 months, the corporate reached an settlement with its smaller rival, Hitachi Capital, to create MHC.