Offshore law firm Appleby has acted as Bermuda counsel to Triton Container International (TCIL) in its merger with New York Stock Exchange-listed TAL International Group (TAL).
The transaction has created an intermodal freight containers and chassis lessor that now has $8.7bn of revenue-generating assets and an estimated global market share of 25 per cent.
TCIL and TAL have combined under a newly formed Bermuda holding company, Triton International Limited (TIL), which is also listed on the NYSE. The deal closed on 12 July.
Appleby advised on all Bermuda aspects of the transaction, working with US counsel and TCIL to identify potential challenges and devise solution-driven strategies.
"This matter was innovative and complex as it involved a listed US company and a Bermudian company coming together through two separate mergers (one US and one Bermuda) under a single newly formed Bermuda parent company now listed on the NYSE," said Steven Rees Davies, the Bermuda-based Appleby Partner who led the firm’s deal team.
He was assisted by Senior Associates Sally Penrose and Gary Harris, Associates Tiffany Boys and Shannon Cann and Dispute Resolution Partner John Wasty.