Teachers Pension Plan buys Seacube for $1.8 billion
Ontario teachers pension plan says it will operate the intermodal container leasing firm as a distinct unit
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.