Teachers Pension Plan buys Seacube for $1.8 billion

TORONTO—Ontario Teachers’ Pension Plan said it has closed the purchase of SeaCube Container Leasing Ltd. in a deal valued at US$1.8 billion, including assumed debt.

SeaCube manages and leases containers used for shipping around the world.

Teachers’ paid US$23 per share in cash for the company.

The pension fund manager said it plans to operate SeaCube as a stand-alone business operation with the current management team remaining in place.

Teachers’ invests the pension fund assets and administers the pensions of 303,000 active and retired teachers in Ontario.