Tricon Residential acquired by Blackstone for $11.25 per share in cash

Blackstone (BX) and Tricon Residential (TCN) announced Friday that they have entered into an arrangement agreement under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust will acquire all outstanding common shares of Tricon for $11.25 per share in cash. The transaction price represents a premium of 30% to Tricon’s closing share price on January 18. BREIT will maintain its approximately 11% ownership stake post-closing. Under Blackstone’s ownership, Tricon plans to complete its $1B development pipeline of new single-family rental homes in the U.S. and $2.5B of new apartments in Canada. The transaction is structured as a statutory plan of arrangement. Completion of the transaction, which is expected to occur in Q2 of this year, is subject to customary closing conditions. As part of the yransaction, Tricon has agreed that its regular quarterly dividend during the pendency of the transaction will not be declared and the company’s dividend reinvestment plan will be suspended.