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Stonepeak portfolio company Textainer to acquire Seaco

Typewriter Ascend, an entity controlled by Stonepeak and an affiliate of Textainer, has entered into an agreement to acquire Global Sea Containers from Bohai Leasing for an equity purchase price of $1.75 billion (€1.54 bilion), subject to certain adjustments.

Originally established in 1965, Seaco is incorporated in Bermuda and is currently owned by Bohai, an entity listed on the Shenzhen Stock Exchange.

Seaco is a marine container leasing company with global operations, and the Company today owns and operates a container fleet greater than 2.4 million TEU across a worldwide footprint of over 360 depots and 23 offices.

Olivier Ghesquiere, Textainer’s chief executive officer, commented: “With the combined expertise and resources of both companies, our business will be better positioned to serve its customers with expanded available inventory and a broader range of container solutions.”

“This is an exciting moment for both Textainer and Seaco. By bringing together two world-class teams with deep industry expertise, we’re building a stronger, more resilient company that’s better positioned to serve our customers and grow in a dynamic global market.

“We’re proud to support this success and we are looking forward to what Textainer and Seaco can achieve together,” said James Wyper, board member of Textainer, and head of transportation & logistics and head of US private equity at Stonepeak.

The transaction is subject to customary closing conditions, including certain regulatory approvals.