Brookfield deal models infrastructure-as-a-vibe

Brookfield Infrastructure Partners LP

12/04/2023 17:35

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Robert Cyran
       NEW YORK, April 12 (Reuters Breakingviews) - The
Canadian investment giant is buying container-lessor Triton in a
$13 bln deal. Calling it infrastructure may sound like a
stretch, given the volatility of the shipping industry. But if
what investors really want is infrastructure-like cash flows,
the definition can be broad.
    Full view will be published shortly.
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    CONTEXT NEWS 
    Brookfield Infrastructure Partners said on April 12 that it
had agreed to buy Triton International through subsidiary
Brookfield Infrastructure Corporation (BIPC) and institutional
partners.
    The deal values the owner and lessor of intermodal shipping
containers at approximately $4.7 billion. Including Triton’s
debt, the deal is worth approximately $13.3 billion.
    Triton shareholders will receive $85 per share, consisting
of $68.50 in cash and $16.50 in BIPC class A shares. BIPC’s
equity investment is expected to be approximately $1 billion,
including offered shares. The deal is at a 35% premium to where
Triton shares closed on April 11.
    

 (Editing by John Foley and Amanda Gomez)
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