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Blakes on container fleet deal

Blakes on container fleet deal

WHEN INTEREST in the Australian domestic leasing business of GE SeaCo came floating along, the company decided to sell. In came Blake Dawson, which has advised the company on the sale of its…

WHEN INTEREST in the Australian domestic leasing business of GE SeaCo came floating along, the company decided to sell. In came Blake Dawson, which has advised the company on the sale of its business to Royal Wolf Australia and SCF Containers.

Lead partner Matthew May and David McManus advised their client GE SeaCo Australia on the deal. “There was a significant level of interest in the Australian domestic leasing business of GE SeaCo, as evidenced by the number of parties tendering bids through the auction process run by GE SeaCo Australia,” said May.

Royal Wolf has now bought a fleet of more than 6,300 units, including a range of pallet-wide, standard intermodal and refrigerated containers for $20 million, Blakes’ lawyers said.

SCF Containers has picked up 206 GE SeaCo domestic tank containers for an undisclosed price.

“The terms of the business sale agreements are the product of lengthy negotiations with the buyers in which the interests of the ultimate parent companies of GE SeaCo Australia were also represented,” said Blake Dawson’s May.

According to the firm, the parent entity of GE SeaCo Australia, Barbados-registered GE SeaCo Srl, has been in the Australian domestic business for nearly a quarter of a century. It said it will now concentrate its efforts and resources in the international market where it is one of the top-four leasing companies worldwide.

See Deals & Litigation this week on page 18

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