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There’s a new behemoth on the block. Triton Container International and TAL International are to merge, to form the biggest intermodal container lessor. It will remain under the Triton name, and Triton’s shareholders will hold 55% of the equity. Together, they will operate a container fleet of some 4.8m teu and expect to find $40m in annual synergies by the end of 2016. If the merger fails, TAL will have to pay Triton a $19.5m termination fee, while, depending on the circumstances, Triton may have to pay a $65m fee.

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