Textainer Acquires Remaining Interest in TAP Funding, Now Owns 100%
JAN 21, 2021 - 6:49 am
Textainer Limited, a wholly-owned subsidiary of Textainer, acquired the remaining 49.9% interest in TAP Funding, which is owned by TAP Ltd. Following the acquisition, Textainer Limited owns 100% of TAP Funding.
TAP Funding was a joint venture between Textainer Limited and TAP Ltd., a Bermuda-based intermodal investment company. TAP Funding owns approximately 80,000 intermodal shipping containers already managed by Textainer with a net book value of approximately $175 million. The share purchase closed on Jan. 19. Following the closing of the share purchase, Textainer wholly-owns approximately 89% of the containers in the company’s fleet.
“This transaction is in line with Textainer’s strategy of simplifying our overall corporate structure, focusing on our core container leasing business and pursuing transactions that add to our net income and return on equity. The acquisition of the shares of TAP Funding we did not previously own provides us with sole ownership of a large seasoned portfolio of containers already under our management at an attractive price,” Olivier Ghesquiere, president and CEO of Textainer, said. “We expect this transaction will be immediately accretive to earnings and to contribute to long-term growth in shareholder value.”
Textainer is a lessor of intermodal containers with approximately 3.6 million TEU in its owned and managed fleet.
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