Stonepeak has agreed to acquire Textainer in a US$7.4 billion take-private deal.

According to the definitive agreement, which received unanimous approval from the Textainer Board of Directors, common shareholders of Textainer will receive US$50.00 per share in cash, totaling approximately US$2.1 billion for all common shares. This deal resulted in an enterprise value of around US$7.4 billion. The purchase price offers a premium of about 46% over Textainer’s closing share price on October 20, 2023, which was the last full trading day before the transaction announcement. The transaction is anticipated to be concluded in Q1 of 2024, pending standard closing conditions such as approval from Textainer shareholders and the necessary regulatory clearances. It's worth noting that the transaction does not depend on financing conditions.

Textainer is being advised by BofA Securities, while O’Melveny & Myers LLP is serving as the primary legal counsel. Stonepeak, on the other hand, is being advised by Deutsche Bank, with Simpson Thacher & Bartlett LLP acting as the primary legal counsel.