Triton Container International Limited & TAL International Group, Inc. Complete Combination to Form Triton International Limi...
July 12 2016 - 12:20PM
Business Wire
Combination Creates the World’s Largest,
Most Capable and Most Efficient Intermodal Container Leasing
Company
Triton Container International Limited (“Triton”) and TAL
International Group, Inc. (NYSE: TAL) (“TAL”) announced today that
they have completed their combination to form Triton International
Limited (NYSE: TRTN) (“TIL”). TIL is the world’s largest, most
capable and most efficient lessor of intermodal freight containers.
With a combined container fleet of nearly five million twenty-foot
equivalent units (TEU), revenue earning assets of $8.7 billion and
an estimated global market share of 25%, TIL serves virtually every
major shipping line in the world. The newly formed company expects
to achieve $40 million in annual cost synergies.
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Following the approval of the transaction earlier today at a
special meeting of TAL stockholders and the closing of the
transaction, shares of TAL common stock will cease trading on the
New York Stock Exchange prior to the opening of the market
tomorrow. Triton International Limited will begin trading tomorrow,
July 13, 2016, on the New York Stock Exchange.
In accordance with the terms of the transaction agreement,
Triton shareholders own approximately 55% of the equity of the
combined company and TAL stockholders own approximately 45%. TAL
stockholders became entitled to receive one common share of TIL for
each share of TAL stock owned upon the closing of the merger.
Brian Sondey, Chairman and Chief Executive Officer, TIL, stated,
“We are pleased to close this transformational transaction and look
forward to capitalizing on the significant operating and financial
benefits of the combination to provide an unmatched level of
service to our customers and create long-term value for our
shareholders.”
About Triton International Limited
Triton International Limited (“TIL”) (NYSE: TRTN) was created by
the merger of Triton Container International Limited and TAL
International Group, Inc. TIL is the world’s largest lessor of
intermodal freight containers and chassis. With a container fleet
of nearly five million twenty-foot equivalent units (TEU), TIL’s
global operations include acquisition, leasing, re-leasing and
subsequent sale of multiple types of intermodal containers and
chassis.
Important Cautionary Information Regarding Forward-Looking
Statements
Certain statements included in this communication are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “may,” “should,” “would,” “plan,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “seem,” “seek,” “continue,” “future,” “will,”
“expect,” “outlook” or other similar words, phrases or expressions.
These forward-looking statements include statements regarding our
views, estimates, plans and outlook, industry, future events, the
transaction between Triton and TAL, the estimated or anticipated
future results and benefits of Triton and TAL following the
transaction, including estimated synergies, future opportunities
for the combined company, and other statements that are not
historical facts. These statements are based on the current
expectations of TIL management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties regarding TIL’s businesses and the transaction, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to, changes in the business
environment in which TIL operates, including inflation and interest
rates, and general financial, economic, regulatory and political
conditions affecting the industry in which TIL operates; changes in
taxes, governmental laws, and regulations; competitive product and
pricing activity; difficulties of managing growth profitably; the
loss of one or more members of TIL’s management team; failure to
realize the anticipated benefits of the transaction, including a
delay or difficulty in integrating the businesses of Triton and
TAL; uncertainty as to the long-term value of TIL common shares;
the expected amount and timing of cost savings and operating
synergies; and those discussed in TAL’s Annual Report on Form 10-K,
as amended, for the year ended December 31, 2015 under the heading
“Risk Factors,” as updated from time to time by TAL’s and TIL’s
Quarterly Reports on Form 10-Q and other documents of TAL and TIL
on file with the SEC and in the registration statement on Form S-4
that was filed with the SEC by TIL. There may be additional risks
that neither TIL presently knows or that TIL currently believes are
immaterial which could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements provide TIL’s expectations, plans or
forecasts of future events and views as of the date of this
communication. TIL anticipates that subsequent events and
developments will cause TIL’s assessments to change. However, while
TIL may elect to update these forward-looking statements at some
point in the future, TIL specifically disclaims any obligation to
do so. These forward-looking statements should not be relied upon
as representing TIL’s assessments as of any date subsequent to the
date of this communication.
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version on businesswire.com: http://www.businesswire.com/news/home/20160712006467/en/
Triton International LimitedInvestors:John Burns,
914-697-2900Senior Vice President & Chief Financial
OfficerorInvestor Relations and Media Contacts:The IGB
GroupLeon Berman, 212-477-8438lberman@igbir.com
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