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Open-Box Sale

Biz BriefsInterpool has agreed to sell most of the assets of its wholly owned subsidiary, Interpool Containers Limited, to a Swiss investor group for about $515 million. The deal, which is expected to result in a $58 million gain for the Princeton company, will transfer ownership of about 273,000 marine cargo containers and equipment leases to the European investors. Following the sale, which is expected to close at the end of this month, Interpool and its 50%-owned subsidiary, Container Applications International, will perform billing, collecting and lease-management services on behalf of the purchaser.

ICL says it will use the proceeds of the sale to pay down debt and for general corporate purposes, including acquiring more containers for finance and operating leases. Interpool will continue to lease cargo containers and container chassis to shipping lines and other customers.

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