The world's largest lessor of intermodal freight containers, Triton International Limited, which is based in Bermuda, will hold a special general meeting of shareholders on August 24 to approve the announced acquisition of Triton by Brookfield Infrastructure Partners L.P.

The $13.3 billion take-private transaction was first announced in April, with Triton common shareholders expected to receive consideration valued at $85 per share, including $68.50 in cash and $16.50 in Class A shares of Brookfield Infrastructure Corporation.

The transaction would represent a 35 per cent premium to Triton’s closing share price on April 11 and a 34 per cent premium to the 30-day volume-weighted average share price.

It values the company’s common equity at approximately $4.7 billion and reflects the total enterprise value of $13.3 billion.

Before closing, Triton intends to maintain its current quarterly dividend on the Triton common shares.

Upon the closing of the transaction, Triton’s common shares will be delisted from the New York Stock Exchange. Triton’s Series A-E cumulative redeemable perpetual preference shares will remain outstanding.

Brookfield is acquiring Triton through its subsidiary Brookfield Infrastructure Corporation and its institutional partners.

The record date for the virtual meeting is July 3, with only holders of Triton’s common and preference shares at the close of business on the record date entitled to vote at the special meeting.

Subject to shareholder approval at the meeting, Triton anticipates that the transaction will close shortly thereafter, subject to the satisfaction or waiver of the remaining closing conditions.

As a result, the parties now expect to close the transaction in the third quarter of 2023, ahead of initial expectations.

With a container fleet of over 7,000,000 twenty-foot equivalent units, Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Brookfield Infrastructure Partners L.P. is one of the largest owners and operators of critical global infrastructure networks which facilitate the movement and storage of energy, water, freight, passengers and data.

The company says it is: “one of the few pure play, publicly traded, global infrastructure vehicles that invests in premier infrastructure assets with stable cash flows, high margins and strong growth prospects.

“Brookfield Infrastructure Partners LP boasts an experienced management team with a proven track record and a demonstrated commitment to growing returns to unit holders.

“With an attractive distribution yield and a distribution growth target of 5–9 per cent annually, Brookfield Infrastructure offers strong risk-adjusted total returns to its investors.”

Brookfield is a publicly traded limited partnership with corporate headquarters in Toronto, that engages in the acquisition and management of infrastructure assets on a global basis.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Corporation, a global alternative asset manager with approximately $800 billion of assets under management.

Brookfield the parent has at least three Bermuda companies, including one set to redevelop a prime portion of the City of Hamilton, with a structure that will stretch from Front Street to Reid Street.

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across North and South America, Asia Pacific and Europe.

Brookfield Infrastructure is focused on assets that generate stable cash flows and require minimal maintenance capital expenditures. Investors can access its portfolio either through Brookfield Infrastructure Partners, a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation, the Canadian corporation.