We are advising Mitsubishi HC Capital on the acquisition

Davis Polk is advising Mitsubishi HC Capital Inc. in connection with its acquisition of CAI International, Inc. at an enterprise value of approximately $2.9 billion. The transaction is subject to approval at CAI’s meeting of shareholders, approvals and permissions from the antitrust authorities and fulfillment of terms and conditions. The transaction is expected to close in the late third quarter or early fourth quarter of 2021.

Mitsubishi HC Capital was formed between the business integration of Mitsubishi UFJ Lease & Finance Company Limited and Hitachi Capital Corporation. CAI is one of the world’s leading transportation finance companies. As of March 31, 2021, CAI operated a worldwide fleet of approximately 1.8 million CEUs of containers. CAI operates through 13 offices located in 12 countries including the United States.

The Davis Polk corporate team includes partner Phillip R. Mills and associates Nicholas C. Phillips and Samuel F. Page. Partner Kyoko Takahashi Lin and associate John G Curran are providing executive compensation advice. Partner William A. Curran and associate Lex L. Varga are providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Ronan P. Harty and associate Nathan Kiratzis are providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.