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Apollo Global Management to buy Direct ChassisLink for $2.5 billion

Stacks of cargo containers
Photo: Sasin Tipchai via Getty Images

Apollo Global Management agreed to buy Direct ChassisLink, a Charlotte, North Carolina-based chassis rental and leasing company, for a reported $2.5 billion (including debt), from EQT Partners.

Why it matters: Direct ChassisLink is the largest such business in the U.S., with over 226,000 chassis and 450 locations. Plus, the deal is yet another example of Apollo being the private equity market's most aggressive firm so far in 2019. Per Reuters' Harry Brumpton: "The deal represents a bet by Apollo on Direct ChassisLink's dominant position in the transfer of shipping containers between ports and hubs for transport by rail or truck."