NEW YORK--(BUSINESS WIRE)--Bohai Leasing Co Ltd, a PRC company listed on the Shenzhen Stock Exchange and parent of the Seaco marine container leasing group, announced today they have signed a memorandum of understanding (“MOU”) with Cronos Holding Company Ltd of Bermuda (majority owned by funds affiliated with Kelso & Co and Transportation Capital Group) for the acquisition of 80% of Cronos Ltd (also of Bermuda), with a minority investor acquiring the remaining 20%, subject to regulatory approvals and other conditions.
The transaction has been arranged by Bravia Capital, a Hong Kong based investment and advisory firm with a primary focus on transportation and logistics investments worldwide.
Seaco and Cronos will continue to operate separately during the period prior to the finalization of the acquisition. Following completion, the Bohai subsidiaries will own a combined 3,420,000 CEU container fleet, making Bohai owner of the largest container lessor fleet in the world.
Wang Hao, Chairman of Bohai Leasing Co states, “We believe that the acquisition of Cronos will be a strong complement to our existing investment in Seaco, enhancing our ability to service an expanded list of customers globally and strengthening our capabilities in many regions around the world. We are a group committed to growth and customer service and are eager to finalize an agreement and welcome Cronos as the newest addition to our successful portfolio of transportation finance and leasing companies.”
Bharat Bhise, CEO of Bravia Capital said, “Bohai’s investment in container leasing through its current ownership of Seaco and its contemplated investment in Cronos will create the largest diversified fleet of dry, reefer, tank and special containers in the world. Cronos is a world class container leasing company and we are pleased to bring an acquisition to Bohai that is a very strong strategic fit.”
Deutsche Bank Securities acted as the financial advisor to Bohai Leasing, and Sidley Austin LLP is acting as legal advisor to Bohai Leasing with respect to the transaction. Keefe, Bruyette & Woods, Inc. acted as the exclusive financial advisor, and Debevoise & Plimpton LLP along with Greene Radovsky Maloney Share & Hennigh LLP are acting as legal counsel to Cronos in connection with the transaction.
ABOUT BOHAI LEASING
Bohai Leasing Co owns a portfolio of world class equipment leasing companies including Seaco, and is a majority controlled subsidiary of the HNA Group of PRC (“HNA”).
Cronos is a global marine container leasing company with a diversified fleet of approximately 1,670,000 CEU (cost equivalent twenty foot units) including standard dry freight containers, reefers, tanks, and various specials.
Seaco is a global marine container leasing company with a diversified fleet of approximately 1,750,000 CEU (cost equivalent twenty foot units) including standard dry freight containers, reefers, tanks, and various specials.