4 days ago
Competition watchdog seeks public feedback on proposed takeover of Seaco parent by Stonepeak-backed entity
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) is seeking public feedback on the proposed acquisition of Global Sea Containers by an entity controlled by US investment firm Stonepeak.
On Wednesday (Jul 16), the competition watchdog said it accepted a joint application from Global Sea Containers and special purpose vehicle Typewriter Ascend for a decision on whether the proposed transaction would be anti-competitive.
In the application, the companies said they overlap in the sale and leasing of intermodal containers – including dry box containers, refrigerated shipping containers and dry freight special containers. However, they added that there are no supply relationships between them.
This comes as Global Sea Containers' wholly owned subsidiary, Seaco, and the company behind Typewriter Ascend, Stonepeak, both operate intermodal sales and leasing activities.
Seaco is an international container leasing and sales company that specialises in intermodal containers for various industries. It is owned by Bohai Leasing, a Shenzhen-listed transportation and infrastructure asset leasing company and an arm of failed Chinese conglomerate HNA Group.
Stonepeak is a New York-headquartered global alternative investment company specialising in infrastructure and real assets that controls Typewriter Ascend.
It operates in the intermodal container sales and leasing market via Textainer Group, which offers these services to customers globally.
CCCS is inviting public feedback from 5 pm on Wednesday until Jul 30, 5pm. More information on the consultation can be found on its website.
