Disposal Agreement Signed
August 01 2000 - 10:28AM
UK Regulatory
RNS Number:6449O
Aegon N.V.
28 July 2000
LETTER TO: COMPANY ANNOUNCEMENTS OFFICE
Re AEGON sells North American Intermodal division of Transamerica Finance Corp.
Please find below a press release of Interpool, Inc. announcing its acquisition
of the North American Intermodal division of Transamerica Finance Corp. ("TFC").
On July 24, in an AEGON N.V. press release regarding the change in the status
and accounting for the businesses comprising TFC, we indicated that the sale of
several smaller business segments was being discussed. Despite the fact that
the divestment of the North American Intermodal division of TFC will not have
any material effect on AEGON's earnings, we would like to inform you as a matter
of courtesy.
The division now being sold to Interpool, Inc. leases transportation equipment,
such as cargo containers and chassis. This company operates in North America
and is based in Purchase New York.
The transaction will result in a modest book gain for AEGON.
LETTER FROM: AEGON N.V.
Interpool, Inc. Signs Definitive Agreement to Acquire North American Intermodal
Division of Transamerica Finance Corporation
PRINCETON, N.J.--(BUSINESS WIRE)--July 28, 2000--Interpool, Inc. (NYSE:IPX -
news) announced today that it has signed a definitive agreement with
Transamerica Leasing, Inc., a subsidiary of Transamerica Finance Corporation and
AEGON N.V. (NYSE: AEG - news), to acquire the North American intermodal division
of Transamerica Leasing. Under terms of the agreement, Interpool will pay
approximately $675 million in cash. The acquisition is being financed through a
combination of cash and proceeds from a committed secured financing facility to
be arranged by Salomon Smith Barney Inc. and Citicorp. North America. Inc.
Salomon Smith Barney has also served as Interpool's advisor in the transaction.
The transaction is subject to receipt of the financing and Hart Scott Rodino
approval, and is expected to close before the end of 2000. The acquisition is
expected to be accretive to earnings.
Transamerica Finance Corporation a commercial lending and leasing company that
manages $16 billion in assets at year-end 1999. Transamerica Leasing, Inc.,
based in Purchase, New York, is a leading domestic lessor of intermodal
equipment. Transamerica Finance Corporation was acquired by AEGON in July 1999
as part of its acquisition of Transamerica Corporation.
Martin Tuchman, Chairman and Chief Executive Officer of Interpool, commented:
"We are extremely excited to have entered into this agreement with Transamerica
Leasing, and to have a management team join us with such a top-notch reputation.
The acquisition of Transamerica's intermodal business, which is highly regarded
in both the transportation and financial services communities, substantially
advances Interpool's goal of becoming one of the country's premier
transportation equipment leasing companies. Through this transaction, we
greatly expand our chassis fleet, broaden our management and customer services
teams, and strengthen our financial resources and technology platform. This
should result in significantly enhancing the services we are able to provide to
our customers."
Mr Tuchman added: "The focus of Transamerica's chassis fleet in the rail
industry perfectly complements our presence in the maritime industry.
Furthermore, it also significantly expands our customer base that can utilize
our proprietary Poolstat software system. The increased utilization of the
Poolstat fleet, combined with its expanded base of equipment, should benefit our
existing Poolstat customers."
Robert A. Watson, Chairman and Chief Executive Officer of Transamerica Leasing,
Inc., stated: "We are pleased that our North American intermodal business in
joining with Interpool, a company which has a dedication to and focus on this
industry. We are confident that Interpool will build on the success our people
have achieved to date." Interpool, originally founded in 1968, is one of the
world's leading lessors of cargo containers used in international trade.
Interpool leases its containers and chassis to over 200 customers, including
nearly all of the world's 20 largest international container shipping lines.
Note: This press release and other press releases and information can be viewed
at the Company's website at www.interpool.com
Contact: INTERPOOL, INC.
Raoul G. Witteveen
President, Chief Operating Officer
and Chief Financial Officer
212/916-3261
or
Morgen-Walke Associates
Gordon McCoun, Jennifer Angell
Media contact: Heather Fox
212/850-5600
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