Please tell me about your involvement in the deal?
We acted as Bermuda counsel to the Triton International
Limitedgroup of companies advising on all Bermuda aspects of the
transactional structure and implementation of the Bermuda steps
critical to completion. I was the lead partner on the deal,
supported by Senior Associates Sally Penrose and Gary Harris as
well as Associate Shannon Cann of our Bermuda corporate team, with
Partner John Wasty of our dispute resolution team providing
additional support on the more complex and contentious matters.
Why is this a good deal for all involved?
It combines two of the largest intermodal freight container
leasing companies in the world, with combined revenue earning
assets of $8.7 billion and an estimated global share of25%. The
synergies are expected to save $40 million annually ina market
where the merged company is being touted as the most capable and
most efficient lessor of intermodal freight containers.
Shareholders of both companies received shares inthe new merged
company rather than one side being bought out and so all interested
parties will have the opportunity to benefit from the expected
What challenges arose? How did you navigate them?
As with all multi-jurisdictional transactions of this size,
complexitiesarose from the very beginning of the transaction. The
number of legal issues and matters needing to be considered and
resolved on a daily basis created continuous logistical challenges,
particularly as the continuous flow and turn of documents was
dependent upon the swift delivery of advice. No one could afford to
put a pen down because there was always someone else waiting for
our response. As a leading offshore law firm, Appleby advises
clients around the globe and across time zones so we have to be
ready to support clients 24 hours a day, 7 days a week. We created
a multi-disciplinary team from both our corporate and dispute
resolution practices to ensure we were providing the necessary
breadth of experience and knowledge for this transaction. We
established the core team from the start and then expanded and
contracted as the work flow changed to ensure continuous delivery
of support and legal advice through a cost efficient approach at
all stages of the transaction.
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