Why Triton (TRTN) Shares Are Surging Today

Triton International Ltd TRTN shares are trading higher Wednesday premarket following a $13.3 billion take-private transaction.
TRTN has agreed to be acquired by Brookfield Infrastructure Corporation BIPC, a subsidiary of Brookfield Infrastructure Partners LP Limited BIP.
The total consideration of $85.00 per Triton share will consist of $68.50 in cash and $16.50 in BIPC class A exchangeable shares.
At closing, BIP's equity investment is expected to be approximately $1 billion, including the BIPC shares.
"For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International," said Triton CEO Brian M. Sondey.
"For our customers and employees, Brookfield Infrastructure's significant resources and long-term investment horizon will support Triton's franchise, underpin our commitment to providing unrivaled service, and support continued investment in our growing business."
The transaction is expected to close in the fourth quarter of 2023.
Upon the closing of the transaction, Triton's common shares will be delisted from the New York Stock Exchange.
Price Action: TRTN shares are trading higher by 30.93% at $82.50 in premarket on the last check Wednesday.