| | | Been selling my TGH over last few months and now hold 30% of what I had. Was looking for them to reinstate their dividend but instead they have bought back shares and now this acquisition.
Selling 0.87x BV and Forward PE 9.8. Still will hold. This acquisition s/d see more of the revenues go into earnings.
Textainer Group Holdings Limited Acquires 49.9% of TAP Funding Ltd.
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.  |
|
