M&A · Industrials · Services-Equipment Rental & Leasing, NEC
Brookfield Infrastructure Partners L.P. to acquire Triton International Ltd
Announced Apr 12, 2023 · Closed Sep 28, 2023
Deal value$13.30BEV $13.30B
Premium35.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$85.00 per share
Transaction
- Acquirer
- Brookfield Infrastructure Partners L.P. (BIP)
- Target
- Triton International Ltd (TRTN)
- Buyer type
- Private equity
- Offer price per share
- $85.00
- Enterprise value
- $13.30B
- Status
- Closed Sep 28, 2023
Deal protections
- Break fee (target pays)
- $141M · 1.1%
- Reverse fee (buyer pays)
- $330M · 2.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 78 in the prior 24 months
- Premium
- 35.0% vs. 47.8% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- 1.1% vs. 2.8% sector median
Timeline
- AnnouncedApr 12, 2023
- Proxy filedJul 6, 2023
- Definitive proxyJul 6, 2023
- Shareholder voteAug 24, 2023
- ClosedSep 28, 2023
Valuation · fairness opinions
Analyst price targets$79.00$100.00
Premiums paid$71.00$86.00
Offer $85.00
Implied value per Triton International Ltd share by analysis, from Goldman Sachs · DCF discount rate 8%–9.5%.