Bohai Leasing Co., Ltd. (SZSE:000415) and a investor signed a memorandum of understanding to acquire Cronos Ltd. from Cronos Holding Co Ltd., funds managed by Kelso & Co. and Transportation Capital Group on July 14, 2014. Seaco and Cronos will continue to operate separately during the period prior to the finalization of the acquisition. Following completion, Seaco and Cronos will own a combined 3.42 million CEU container fleet. The transaction is subject to regulatory approvals and other conditions. An acquisition agreement was signed on November 15, 2014 for Bohai Leasing to acquire an 80% stake in Cronos Ltd. and related $25.88 million credit from Cronos Holding Co. with cash. As agreed, the price will be about $609.69 million if the deal is completed before January 31, 2015 and the price will be about $614.69 million if the deal is completed on or after January 31, 2015.

The transaction has been arranged by Bravia Capital. Craig Fuehrer and Sean Costello of Deutsche Bank Securities acted as financial advisor to Bohai Leasing. Murat Tastan of Keefe, Bruyette & Woods, Inc. acted as financial advisor and Peggy Davenport, Michael A. Diz, Michael Bolotin, Jonathan F. Lewis, Christopher Rosekrans, Elizabeth Guidi, Danli Guo, Andrew G. Jamieson, Ross Liemer, and Alan J. Yurowitz at Debevoise & Plimpton LLP along with James Fotenos of Greene Radovsky Maloney Share & Hennigh LLP acted as legal advisor to Cronos Holding. McKenzie Naylor of Cohn & Wolfe acted as public relations advisor to Bravia Capital. Pran Jha, Suresh T. Advani, Kevin J. Hochberg, Laura L. Leonard, Elizabeth K. McCloy, Mary C. Niehaus, Marc E. Raven, David J. Went, Pam Zhang Couch, Robert J. Couch, Jonathan Dorfman, Molly C. Novy, Cynthia Okechukwu, Adam M. Snyder and David K. Solow of Sidley Austin LLP acted as legal advisors for Bohai Leasing Co., Ltd. Currency conversion were done at www.oanda.com.

Bohai Leasing Co., Ltd. (SZSE:000415) and a investor completed the acquisition of Cronos Ltd. from Cronos Holding Co Ltd., funds managed by Kelso & Co. and Transportation Capital Group on January 20, 2015.