U.S. Markets closed

CAI agrees to buy fund's container assets for $86M

SAN FRANCISCO (AP) -- CAI International Inc., which operates fleets of shipping containers, said Monday that it has reached a tentative deal with a German investment fund to buy for about $86 million the fund's container assets, which CAI now manages.

CAI said the deal with Dritte Schroeder Container Beteiligungsgesellschaft mbH & Co. KG, known as the Dritte Fund, is subject to CAI's financing and approval by the Dritte Fund shareholders. If the conditions are met, the acquisition is expected to be completed in September, CAI said in a news release.

The company said it has enough money available in its $475 million revolving credit line to finance the purchase.

The container assets consist of about 71,000 20-foot equivalent units of dry van containers that are eight years old on average.

Shares of San Francisco-based CAI rose 1 cent to $20.89 in midday trading. The shares have traded between $10.64 and $21.99 in the past 52 weeks.