The share price of the Textainer Group, which leases shipping containers, surged on Monday morning after announcing that it is set to become the latest company to delist from the JSE as alternative investment firm Stonepeak looks to buy the company for $7.4bn (R140.9bn).
By 10.42am, the price was up 40.5% to R929.99.
According to Monday’s statement, Stonepeak specialises in infrastructure and real assets and the buyout will result in shareholders receiving a cash payout of $50 per share, amounting to a payout of $2.1bn and a premium of about 46% over Textainer’s closing share price on October 20.
The deal, subject to regulatory approval, includes a 30-day period for Textainer to shop around for better proposals until November 22, but if all goes ahead as planned, Olivier Ghesquiere will remain the president and CEO of the group, which is based in Hamilton, Bermuda.
Textainer, which is listed in New York and Johannesburg, was started in 1979 and became a listed company in 2007. Its current market cap on the JSE is about R38.4bn.
“By partnering with Stonepeak, we will gain access to investment capital and industry expertise, positioning us for continued growth in the years to come,” Ghesquiere said.
The New York-based Stonepeak manages about $57.1bn in assets and has offices in Hong Kong, Houston, London, Singapore and Sydney.
Stonepeak MD James Wyper said: “Textainer forms a critical link in global trade.”
The JSE has struggled to stem the number of delistings from the local bourse, which means there are fewer investment options on the largest stock exchange in Africa.
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