Textainer moves for Seaco
NewsIt has emerged that Textainer is in talks to acquire Seaco Global, a deal that would almost certainly raise issues about the level of market concentration in the container leasing industry.
Buss deal
Textainer’s managed fleet of reefer and dry containers has grown by 182,000 TEU, following the acquisition of the Magellan Maritime Services GmbH fleet by MCM Marine Container Management LP in Singapore, a subsidiary of the Buss Global Group, which in turn is part of Buss Capital Group in Hamburg.
“With the purchase of the Magellan containers, our fleet will increase to a total of 750,000 TEU,” said Tom Chen, director of MCM. “We have appointed Textainer to manage the new portfolio. Textainer was very active in getting the deal underway, and without them it would not have been possible to fix the contract in time.
“Buss Global Group has worked with Textainer successfully for quite some time, and we are confident that this portfolio will develop positively under their management.”
The deal followed a vote of 8,000 Magellan investors, organised by the company’s liquidator, Peter Alexander Borchardt. More than 93% voted in favour of the sale. The investors will receive around €160M and a profit share of up to US$15M. Used container prices have risen by 85% since the market low in August 2016, but Magellan’s investors took a significant hit on the sale. Magellan held around €350M of investors’ funds.
Buss Global Holding is one of the largest independent owners and managers of containers with a portfolio value of US$3.2B.
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This complete item is approximately 300 words in length, and appeared in the August 2017 issue of WorldCargo News, on page 14. To access this issue download the PDF here.
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