Connect with us

Hi, what are you looking for?

Stock

Triton stock is up 30% on Wednesday: explore why

Shares of Triton International Ltd (NYSE: TRTN) are up more than 30% today after Brookfield Infrastructure Partners L.P. (NYSE: BIP) said it will buy the leasing company for about $4.7 billion.

Details of the announced acquisition

The said agreement values each share of Triton International at $85. Shareholders will receive $68.50 of that in cash and the remaining in BIPC.

With this acquisition, Brookfield hopes to expand its footprint in transportation and logistics. In the press release, its CEO Sam Pollock said:

Triton is an attractive business with highly contracted and stable cash flows, strong margins and a track record of value creation.

In its latest reported quarter, Triton International Ltd had $416 million in revenue. Versus the start of the year, Triton stock is now up nearly 40%.  

Triton shareholders are yet to vote on the deal

The announced transaction is expected to complete in the fourth quarter of the current year subject to shareholders’ approval and meeting other customary closing conditions. Pollock added:

Triton shareholders will benefit from owning a globally diversified portfolio of infrastructure assets within a platform that has a proven history of generating long-term value for its shareholders.

Triton will no longer be listed on the New York Stock Exchange once the cash and stock deal that’s won unanimous approval from its board of directors is closed. The Purchase-headquartered firm has picked Goldman Sachs as its exclusive financial advisor for this deal.  

Brookfield Infrastructure Corp shares are in the red on Wednesday.

The post Triton stock is up 30% on Wednesday: explore why appeared first on Invezz.

    You May Also Like

    Stock

    On the surface, index and stock options are very similar. Still, there are some differences that traders should be aware of. Understanding these differences...

    Latest News

    The FBI was not forthcoming with the Trump, Biden and Pence classified documents during a House Intelligence Committee briefing last week, and lawmakers still...

    Editor's Pick

    iBASIS and Sequans have been selected by Actility to meet its delivery schedule for eSIM and iSIM iBASIS and Sequans now considered frontrunners in...

    Economy

    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage...

    Disclaimer: Richpeoplenetworks.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Richpeoplenetworks.com