June 20, 1998 |
Interpool Inc. and Leon Black's Apollo Management agreed to buy Xtra Corp., which leases trailers and freight containers, for $1.9 billion in stock and assumed debt. Apollo and Princeton, N.J.-based Interpool, which also leases cargo containers, will pay $65 a share in cash, or about $976 million, for 90% of Boston-based Xtra. News of the deal boosted Xtra shares up $14.94 to close at $61 on the New York Stock Exchange. Interpool rose $1.06 to close at $15.75, also on the NYSE.