Bohai Leasing(SZ:000415) Zheng Quan Zhi Xing·2025-05-20 15:10Core Viewpoint - The company intends to transfer 100% equity of its subsidiary Global Sea Containers Ltd (GSCL) to Typewriter Ascend Ltd, a subsidiary of Stonepeak Partners LLC, for a base price of $1.75 billion, with potential adjustments based on specific conditions [1][3][17]. Transaction Overview - The transaction has been approved by the company's board and requires various regulatory approvals, including antitrust reviews in multiple jurisdictions [1][3][19]. - The base price for the transaction is set at $1.75 billion, with adjustments based on additional considerations and potential leakage amounts [3][10][17]. Financial Details - The estimated final transaction price, after adjustments, is approximately $1.632 billion, equivalent to about 12.752 billion RMB [3][17]. - GSCL's financial data shows total assets of approximately 43.41 billion RMB and net profits of 1.25 billion RMB for 2023 [6][19]. Buyer Information - Typewriter Ascend is a wholly-owned subsidiary of Typewriter Topco, managed by Stonepeak Partners LLC, which has approximately $73 billion in assets under management [4][5]. Purpose of the Sale - The proceeds from the sale will primarily be used to repay high-interest offshore dollar debts and improve cash flow, which is crucial for the company's financial health [18][20]. - The company aims to focus on its core aircraft leasing business post-transaction, mitigating risks associated with the container leasing market [20][21]. Market Context - The container leasing market is characterized by intense competition among shipping companies, leasing firms, and manufacturers, making it a challenging environment [20]. - The transaction is expected to enhance the company's operational capabilities and financial stability, allowing it to capitalize on opportunities in the recovering aviation sector [20].