Mitsubishi HC Capital to buy CAI International in $2.9 billion deal (updated)

Mitsubishi HC Capital

18/06/2021 01:53

(Adds details from the press release, background)
    June 17 (Reuters) - Transportation finance and logistics
company CAI International Inc  CAI.N  said on Thursday it has
entered into a definitive agreement to be acquired by Mitsubishi
HC Capital Inc  8593.T  for an enterprise value of $2.9 billion.
    The Japanese financial company has offered $56.00 per share
in cash, marking a 46.8% premium over CAI's last closing price,
according to the company's statement https://refini.tv/3xtc0hv.
 
    The deal has been unanimously approved by CAI's Board of
Directors, the company said, adding that shares of CAI will no
longer be listed on the New York Stock Exchange after the deal
is complete.
    CAI also said Timothy Page, its former interim chief
executive officer, has been promoted to president and CEO. 
    In September last year, Mitsubishi UFJ Lease struck a deal
with its smaller rival Hitachi Capital, in a move to compete
with global competitors and changed its name to Mitsubishi HC
Capital Inc.  urn:newsml:reuters.com:*:nL3N2GL1FQ

 (Reporting by Akriti Sharma in Bengaluru; editing by
Uttaresh.V)
 ((Akriti.Sharma@thomsonreuters.com;))