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Today in the Market (4/12/2023)

Good Evening! Inflation data showed that consumer price advances slowed in March, and Fed minutes revealed that additional rate hikes cannot be ruled out. As a result, U.S. equities declined on Wednesday, reversing earlier gains.

The S&P 500 declined by 0.41%, while the Dow Jones fell by 0.11%. The Nasdaq Composite dropped the most by 0.85%.

ACQUISITION

Triton International (TRTN), the largest proprietor of transport containers in the world, has reached an all-time high after agreeing to be acquired by Brookfield Infrastructure Corp. (BIPC) for $4.7 billion.

So what is the deal? The transaction, with a total value of $13.3 billion including debt, values Triton at $85 per share, a 34.9% premium over yesterday’s closing price. The shareholders of Triton will receive $68.50 in cash and $16.50 in BIPC stock.

What is the timeline? CEO of Triton Brian Sondey referred to the acquisition as “an excellent outcome for all Triton’s stakeholders.” The companies anticipate that the transaction will be finalized in the fourth quarter.

Why is this a good deal? There is considerable logic in the company merging forces with Brookfield’s substantial financial resources. Triton provides stable cash flows, predictable margins, and a history of solid returns, as viewed by Brookfield.

HOW MUCH?

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According to statistics that were provided by automobile research organization Kelley Blue Book, the average transaction price of new cars dropped below the manufacturer’s recommended retail price (MSRP) for the first time in 20 months.

So, how much exactly? In March, the average transaction price of a new automobile in the United States decreased by 1.1% to $48,008 from the previous month’s figure of $48,558. However, prices increased by 3.8% when compared to the same month one year before.

Is this happening to every vehicle? Actually no! According to the research, customers continued to spend more than the manufacturer’s suggested retail price (MSRP) for luxury cars in March. However, The average price for a new non-luxury vehicle in March was $44,182, a decrease of $505 compared with February. This category of vehicles includes brands such as Chevrolet, Ford, Hyundai, and Nissan.

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