Cronos Group agrees to sell its assets

March 1, 2007
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'

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.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...