EXHIBIT 99.1
FOR: INTERPOOL, INC.
FOR IMMEDIATE RELEASE
CONTACT: Raoul J. Witteveen
President, Chief Operating Officer
and Chief Financial Officer
(212) 916-3261
Morgen-Walke Associates
Gordon McCoun, Jennifer Angell
Media contact: Heather Fox
(212) 850-5600
INTERPOOL, INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE
NORTH AMERICAN INTERMODAL DIVISION OF TRANSAMERICA FINANCE CORP.
PRINCETON, N.J., July 28, 2000 - Interpool, Inc. (NYSE: IPX) announced
today that it has signed a definitive agreement with Transamerica Leasing,
Inc., a subsidiary of Transamerica Finance Corporation and AEGON N.V.
(NYSE:AEG), to acquire the North American intermodal division of
Transamerica Leasing. Under terms of the agreement, Interpool will pay
approximately $675 million in cash. The acquisition is being financed
through a combination of cash and proceeds from a committed secured
financing facility to be arranged by Salomon Smith Barney Inc. and
Citicorp. North America, Inc. Salomon Smith Barney has also served as
Interpool's advisor in the transaction. The transaction is subject to
receipt of the financing and Hart Scott Rodino approval, and is expected to
close before the end of 2000. The acquisition is expected to be accretive
to earnings.
Transamerica Finance Corporation, a commercial lending and leasing company
that manages $16 billion in assets at year-end 1999. Transamerica Leasing,
Inc., based in Purchase, New York, is a leading domestic lessor of
intermodal equipment. Transamerica Finance Corporation was acquired by
AEGON in July 1999 as part of its acquisition of Transamerica Corporation.
Martin Tuchman, Chairman and Chief Executive Officer of Interpool,
commented: "We are extremely excited to have entered into this agreement
with Transamerica Leasing, and to have a management team join us with such
a top-notch reputation. The acquisition of Transamerica's intermodal
business, which is highly regarded in both the transportation and financial
services communities, substantially advances Interpool's goal of becoming
one of the country's premier transportation equipment leasing companies.
Through this transaction, we greatly expand our chassis fleet, broaden our
management and customer services teams, and strengthen our financial
resources and technology platform. This should result in significantly
enhancing the services we are able to provide to our customers."
Mr. Tuchman added: "The focus of Transamerica's chassis fleet in the rail
industry perfectly complements our presence in the maritime industry.
Furthermore, it also significantly expands our customer base that can
utilize our proprietary Poolstat software system. The increased utilization
of the Poolstat fleet, combined with its expanded base of equipment, should
benefit our existing Poolstat customers. "
Robert A. Watson, Chairman and Chief Executive Officer of Transamerica
Leasing, Inc., stated: "We are pleased that our North American intermodal
business is joining with Interpool, a company which has a dedication to and
focus on this industry. We are confident that Interpool will build on the
success our people have achieved to date."
Interpool, originally founded in 1968, is one of the world's leading
lessors of cargo containers used in international trade. Interpool leases
its containers and chassis to over 200 customers, including nearly all of
the world's 20 largest international container shipping lines.
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Note: This press release and other press releases and information can be
viewed at the Company's website at www.interpool.com.
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