Why Triton International Stock Is Skyrocketing Today
Container leasing specialist Triton International (NYSE: TRTN) has agreed to be acquired by Brookfield Infrastructure Partners (NYSE: BIP) (NYSE: BIPC) in a deal valued at $13.3 billion including debt. It's a big premium to where Triton shares traded yesterday, and the stock is up more than 30% as a result.
Triton is the world's largest lessor of intermodal freight containers, those large, rectangular boxes that are designed to be moved easily among ships, rail, and trucks. The company has a fleet of more than 7 million containers, providing supply chain liquidity to large customers who are constantly trying to optimize their capacity.
On Wednesday, Brookfield announced plans to acquire Triton in a cash and stock deal that values the target at $85 per share, including $68.50 in cash and $16.50 in Brookfield shares. The purchase price is a premium of 35% to Triton's closing price on April 11.
Source Fool.com
