The $7.4 billion sale of Bermudian-based Textainer Group Holdings Ltd to Stonepeak, the New York-headquartered alternative investment firm, is a step closer to completion.

Textainer, one of the world’s largest lessors of intermodal containers, announced the expiration of the 30-day “go-shop” period under the terms of the previously announced definitive agreement to be acquired by Stonepeak.

Under and subject to the terms of the agreement, Stonepeak will acquire Textainer for $50 per share in cash, representing an enterprise value of approximately $7.4 billion.

During the “go-shop” period, Textainer and its financial adviser were permitted to actively solicit and consider alternative acquisition proposals.

Neither Textainer nor its representatives received an alternative acquisition proposal during the “go-shop” period, the company said.

The transaction is expected to close in the first quarter of next year, subject to customary closing conditions, including approval by Textainer shareholders and the receipt of required regulatory clearances and approvals.

Upon closing of the transaction and the redemption of Textainer’s Series A and B cumulative redeemable perpetual preference shares, Textainer will become a private company and its common shares will no longer be listed on the New York Stock Exchange or the Johannesburg Stock Exchange.

Textainer, in operation since 1979, has more than four million 20-foot equivalent units in its owned and managed fleet.

It operates via a network of 14 offices and approximately 400 independent depots worldwide.

Stonepeak is an alternative investment firm specialising in infrastructure and real assets with approximately $57.9 billion of assets under management.

It is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney.