Textainer to acquire Leased Assets Pool Company for approximately $66M in cash
Textainer announced that the company's wholly-owned subsidiary, Textainer Limited, has entered into an agreement to purchase Leased Assets Pool Company for an equity value of approximately $66M in cash. The company intends to repay LAPCO's existing debt at the closing and refinance the LAPCO containers which are managed by Textainer in one or more of the Company's existing revolving credit facilities. The transaction is subject to certain closing conditions and is expected to close by year-end. LAPCO owns a fleet of approximately 163,000 TEU of intermodal containers managed by Textainer and approximately 3,000 TEU of containers managed by other container lessors. LAPCO is an indirect subsidiary of Trencor Limited, which owns approximately 48% of Textainer's common shares. The percentage of Textainer's owned fleet will increase to 85.4% from 80.8% following the closing of the acquisition. In connection with the transaction, Textainer engaged the services of an independent valuation consultant to determine the fair market value of LAPCO and the transaction's consideration was supported by the valuation.