Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Business Combinations

NOTE 3. Business Combinations

On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), one of the largest tank container lessors in the world, for approximately €165 million ($203.2 million) in cash. Transaction costs associated with this acquisition were approximately $2.7 million. In the third quarter of 2021, GATX paid an additional €1.1 million ($1.4 million), attributable to post-closing adjustments. Headquartered in the Netherlands with offices worldwide, Trifleet owns and manages a fleet of tank containers leased to a diverse customer base in the chemical, industrial gas, energy, food, cryogenic and pharmaceutical industries, as well as to tank container operators.

As of September 30, 2021, we have allocated $146.2 million to tangible net assets and $58.4 million to goodwill in the preliminary purchase accounting for the acquisition. The allocation of the purchase price is incomplete with respect to certain assets and liabilities acquired. The purchase price allocation will be finalized during the measurement period, which will not exceed 12 months from the acquisition date. The acquisition was not significant in relation to our financial results and, therefore, pro-forma financial information has not been presented.