Typewriter Ascend Ltd, an entity controlled by Stonepeak and affiliated with container lessor Textainer, has agreed to acquire Global Sea Containers Limited (Seaco) from Bohai Leasing Co., Ltd. for $1.75 billion in equity, subject to adjustments.

Seaco, founded in 1965 and incorporated in Bermuda, owns and operates a marine container fleet of more than 2.4 million twenty-foot equivalent units (TEU). The company maintains a global footprint with over 360 depots and 23 offices.

“With the combined expertise and resources of both companies, our business will be better positioned to serve its customers with expanded available inventory and a broader range of container solutions,” said Olivier Ghesquiere, CEO of Textainer.

James Wyper, a board member of Textainer and head of transportation and logistics at Stonepeak, called the deal a key step in building a stronger, more resilient company. “We’re proud to support this success and we are looking forward to what Textainer and Seaco can achieve together,” Wyper said.

The transaction is subject to regulatory approvals and other customary closing conditions.

BofA Securities is acting as exclusive financial advisor and Simpson Thacher & Bartlett LLP as legal counsel to Stonepeak. Deutsche Bank Securities Inc. is advising Bohai and its subsidiaries, with legal counsel provided by Hogan Lovells.