Why Triton Shares Are Jumping Today

• Triton International Ltd (NYSE: TRTN) shares are trading higher Wednesday premarket following a $13.3 billion take-private transaction.

• TRTN has agreed to be acquired by Brookfield Infrastructure Corporation (NYSE: BIPC), a subsidiary of Brookfield Infrastructure Partners LP Limited (NYSE: BIP).

• The total consideration of $85.00 per Triton share will consist of $68.50 in cash and $16.50 in BIPC class A exchangeable shares.

• At closing, BIP’s equity investment is expected to be approximately $1 billion, including the BIPC shares.

• “For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International,” said Triton CEO Brian M. Sondey.

• “For our customers and employees, Brookfield Infrastructure’s significant resources and long-term investment horizon will support Triton’s franchise, underpin our commitment to providing unrivaled service, and support continued investment in our growing business.”

• The transaction is expected to close in the fourth quarter of 2023.

• Upon the closing of the transaction, Triton’s common shares will be delisted from the New York Stock Exchange.

• Price Action: TRTN shares are trading higher by 30.93% at $82.50 in premarket on the last check Wednesday.

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Why Triton Shares Are Jumping Today originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.