BIP - Brookfield Infrastructure to buy Triton in $13.3B cash and stock deal

2023-04-12 07:15:42 ET

Triton International ( NYSE: TRTN ) +28.6% pre-market Wednesday after Brookfield Infrastructure Partners ( NYSE: BIP ) agreed to acquire the world's largest lessor of intermodal freight containers in a cash and stock deal valued at $13.3B.

Triton ( TRTN ) common shareholders will receive consideration valued at $85/share, including $68.50 in cash and $16.50 in Brookfield ( BIP ) class A shares.

The deal price represents a 35% premium to Triton's ( TRTN ) closing share price on April 11.

Brookfield ( BIP ) said it aims to "maintain Triton's existing investment grade capital structure, uphold the highest operating and customer service standards for the benefit of Triton's customers and stakeholders, and help grow the business, aided by Brookfield Infrastructure's substantial access to long-term private capital."

Brookfield Infrastructure Partners' ( BIP ) further growth is squeezed by growing incentive distributions and higher interest rates, Alexander Steinberg writes in an analysis posted recently on Seeking Alpha.

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