Textainer Group Holdings, a global lessor of containers with a secondary listing on the JSE, is going private through a $2.1 billion (R40bn) buyout by investment firm Stonepeak that will pay shareholders some 46% more than the share price on Friday.
Textainer’s share price shot up 39.7% Monday morning after the group said shareholders will receive $50 (R1124.72) per share in cash.
The share price traded at R925 on the JSE on Monday morning.
Stonepeak specialises in infrastructure and real assets.
Textainer will become a privately held company once the deal is completed and Textainer’s Series A and B preference shares were redeemed.
Textainer said in a statement its board unanimously approved the transaction and Textainer common shareholders would receive $50 per share in cash, with the total value of the shares equal to about $2.1bn.
“This transaction represents an enterprise value of about $7.4bn,” and the purchase price represented a premium of about 46% over Textainer's closing share price on Friday, the last trading day prior to the deal announcement.
Olivier Ghesquiere, President and CEO said:"By partnering with Stonepeak, we will gain access to investment capital and industry expertise, positioning us for continued growth in the years to come.”
He said the transaction was made possible by a strong foundation laid over several years that allowed for substantial capex growth and strengthening of the business, driven also by “deep customer relationships."
"After 16 years of operating in the public equity markets, we are very excited to start this new chapter as a private company. We're particularly proud to have delivered a transaction that creates significant and immediate value for our common shareholders," said chairman Hyman Shwiel.