INVESTMENT firm Stonepeak – which owns 70% of GeelongPort – is to acquire intermodal container lessor Textainer in a transaction valued at US$7.4 billion.

Textainer announced over the weekend it had entered into a definitive agreement to be acquired by Stonepeak. The transaction expected to close in the first quarter of 2024.

Textainer began operations in 1979 and claims to be one of the world’s largest intermodal container lessors, with 4.5 million TEU in its owned and managed fleet.

Stonepeak senior managing director James Wyper described Textainer as a critical link in global trade.

“The business is underpinned by high-quality assets and contracted cash flows that provide substantial downside protection and resilient through-cycle performance,” Mr  Wyper said.

“These characteristics, along with Textainer’s commitment to customers and disciplined approach to capital expenditure, are what make the company a leader in the sector.

“We look forward to working closely with Textainer to help further their strategy and growth.”

Textainer became a publicly traded company in 2007. The company is based in Bermuda, but Asia Pacific office (one of three regional offices) serves Australia.

“After 16 years of operating in the public equity markets, we are very excited to start this new chapter as a private company,” Textainer chair Hyman Shwiel said.

“We’re particularly proud to have delivered a transaction that creates significant and immediate value for our common shareholders.

“This transaction validates the success of Textainer’s strategy and the positive momentum in the business.

“With the support of an experienced partner like Stonepeak, we are well positioned to continue delivering high quality equipment and best-in-class service to customers worldwide.”

Textainer president and CEO Olivier Ghesquiere said partnering with Stonepeak would help the company gain access to capital and industry expertise.  

“This transaction has been made possible by our strong company foundation reaffirmed over the last several years, which allowed for both substantial capex growth and the strengthening of our business, further driven by our deep customer relationships.

“I would like to especially thank our employees for all they have done to get us to this point and for the part they will play in the years ahead.”

Stonepeak, based in the United States, closed its majority acquisition of GeelongPort in April this year, with Australian super fund Spirit Super acquiring the other 30%.