Ontario Teachers’ Pension Plan (Teachers’) is acquiring 100% of SeaCube Container Leasing, one of the world’s largest container leasing companies.
SeaCube shareholders will receive $23 in cash per SeaCube common share, representing a 13.3% premium over the shares’ closing price on January 18.
The transaction has been unanimously approved by the board of directors of SeaCube and is expected to close in the first half of 2013 and is subject to customary closing conditions.
This transaction is led by Teachers’ long-term equities group, which focuses on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk.
Teachers’ plans to operate SeaCube as a stand-alone business operation with the current management team in place.