HAMILTON, Bermuda, Jan. 20, 2021 /PRNewswire/ -- Textainer
Group Holdings Limited (NYSE: TGH) ("Textainer", "the Company",
"we" and "our"), one of the world's largest lessors of intermodal
containers, today announced that the Company's wholly-owned
subsidiary, Textainer Limited, acquired the 49.9% interest in TAP
Funding Ltd. ("TAP Funding") 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
January 19, 2021. Following the
closing of the share purchase, Textainer wholly-owns approximately
89 percent 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," commented
Olivier Ghesquiere, President and
Chief Executive Officer of Textainer Group Holdings Limited.
"We expect this transaction will be immediately accretive to
earnings and to contribute to long-term growth in shareholder
value," concluded Mr. Ghesquiere.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world's
largest lessors of intermodal containers with approximately 3.6
million TEU in our owned and managed fleet. We lease containers to
approximately 250 customers, including all of the world's leading
international shipping lines, and other lessees. Our fleet consists
of standard dry freight, refrigerated intermodal containers, and
dry freight specials. We also lease tank containers through our
relationship with Trifleet Leasing and are a supplier of containers
to the U.S. Military. Textainer is one of the largest and most
reliable suppliers of new and used containers. In addition to
selling older containers from our fleet, we buy older containers
from our shipping line customers for trading and resale. We sold an
average of approximately 140,000 containers per year for the last
five years to more than 1,500 customers making us one of the
largest sellers of used containers. Textainer operates via a
network of 14 offices and approximately 500 independent depots
worldwide. Textainer has a primary listing on the New York Stock
Exchange (NYSE: TGH) and a secondary listing on the Johannesburg
Stock Exchange (JSE: TXT). Visit www.textainer.com for additional
information about Textainer.
Important Cautionary Information Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of U.S. securities laws. Forward-looking statements
include statements that are not statements of historical facts and
include, without limitation, statements regarding: the effective
implementation of the Company's strategy and the expected accretive
benefits of the TAP Funding share purchase transaction.
Readers are cautioned that these forward-looking statements involve
risks and uncertainties, are only predictions and may differ
materially from actual future events or results. For a discussion
of some of these risks and uncertainties, see Item 3 "Key
Information— Risk Factors" in Textainer's Annual Report on Form
20-F filed with the Securities and Exchange Commission on
March 30, 2020.
Textainer's views, estimates, plans and outlook as described
within this document may change subsequent to the release of this
press release. Textainer is under no obligation to modify or update
any or all of the statements it has made herein despite any
subsequent changes Textainer may make in its views, estimates,
plans or outlook for the future.
Contact Information
Investor Relations
+1 415-658-8333
ir@textainer.com
View original
content:http://www.prnewswire.com/news-releases/textainer-group-holdings-limited-acquires-49-9-of-tap-funding-ltd-301211271.html
SOURCE Textainer Group Holdings Limited