The Cronos Group has entered into a definitive asset purchase agreement with CRX Acquisition Ltd, a newly formed company to be owned by members of Cronos’ management team; FB Transportation Capital LLC; and third-party investors. Under the agreement, CRX will purchase all of Cronos’ assets and assume its liabilities for a purchase price equal to $16 per share. The purchase price is about $133.7 million.
In connection with the sale, FB Transportation will purchase the majority of CRX’s owned marine cargo container assets acquired from Cronos. CRX will manage these assets and other marine container assets owned by third parties. CRX will be managed by Cronos’ current management team.
The assets sale and related matters are subject to approval by Cronos’ shareholders, the obtaining of certain third-party consents, and other customary closing conditions. Cronos expects the transaction to be completed during summer 2007.
Cronos leases intermodal containers, owning and managing a fleet of more than 440,000 TEU (20-foot equivalent units). Its fleet includes refrigerated and specialized containers leased to more than 450 ocean carriers and transport operators.