Typewriter Ascend Ltd, an entity controlled by New York-headquartered Stonepeak and an affiliate of Textainer, has entered into an agreement to acquire Global Sea Containers Limited (Seaco) from China-based Bohai Leasing Co., Ltd (Bohai) for an equity purchase price of $1.75 billion subject to certain adjustments, and with the transaction being subject to customary closing conditions, including certain regulatory approvals.
Bermuda incorporated Seaco is originally established in 1965 and is currently owned by Bohai, an entity listed on the Shenzhen Stock Exchange in China.
Seaco is a marine container leasing company with global operations, and the company today owns and operates a container fleet greater than 2.4 million TEU across a worldwide footprint of over 360 depots and 23 offices.
“With the combined expertise and resources of both companies, our business will be better positioned to serve its customers with expanded available inventory and a broader range of container solutions,” says Olivier Ghesquiere, Textainer’s chief executive officer.
James Wyper, board member of Textainer, and head of Transportation & Logistics and head of U.S. Private Equity at Stonepeak, says that “This is an exciting moment for both Textainer and Seaco. By bringing together two world-class teams with deep industry expertise, we’re building a stronger, more resilient company that’s better positioned to serve our customers and grow in a dynamic global market. We’re proud to support this success and we are looking forward to what Textainer and Seaco can achieve together.”
