China’s Bohai Leasing, through its subsidiary Global Sea containers, has acquired an 80% stake in major container leasing firm Cronos Limited.

Shenzhen-listed Bohai Leasing said the acquisition deal includes taking over $25.88m of debts under Cronos.

The deal is expected to expand Bohai Leasing’s international container leasing business, both in reefer and specialty cargo containers.

Hong Kong-based Bravia Capital has arranged and structured the deal for the two companies.

“With the Cronos acquisition, we are bringing to Bohai a company with a similarly well-managed and well-diversified portfolio of on-lease cargo containers, but with the complementary strengths across regional lines and customer base,” said Bharat Bhise, ceo of Bravia Capital.