Ontario Teachers’ Pension Plan and SeaCube Container Leasing announced they have entered into an agreement by which Teachers’ will acquire 100% of the shares of SeaCube, one of the world’s largest container leasing companies.

Under the terms of the agreement, SeaCube shareholders will receive $23.00 in cash per SeaCube common share, representing a 13.3% premium over the shares’ closing price on January 18, 2013. In a related story, Reuters is reporting that Teachers’ will pay about $467 million for the shares.

The transaction has been unanimously approved by the board of directors of SeaCube, is expected to close in the first half of 2013 and is subject to customary closing conditions, including foreign and U.S. regulatory approvals. In addition, the transaction is subject to approval by the shareholders of SeaCube.

The transaction is being led by Teachers’ Long-Term Equities group, which focuses on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk. Teachers’ plans to operate SeaCube as a standalone business operation with the current management team remaining in place.

With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario.

Park Ridge, NJ-based SeaCube is one of the world’s largest container leasing companies based on total assets. The principal activities of SeaCube’s business include the acquisition, leasing, re-leasing and subsequent sale of refrigerated and dry containers and generator sets.