Tricon Residential Obtains Court Approval For Take Private By Blackstone Real Estate

(RTTNews) - Tricon Residential Inc. (TCN, TCN.TO) said that the Ontario Superior Court of Justice (Commercial List) has granted a final order approving its statutory plan of arrangement under the Business Corporations Act (Ontario) by which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. will acquire all of the outstanding common shares of the Tricon for US$11.25 per Common Share in cash.

Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of regulatory approval under the Investment Canada Act. The Transaction is expected to be completed in the second quarter of this year.

Following completion of the Transaction, it is anticipated that the Common Shares will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.

In January 2024, Tricon Residential said that it agreed to be acquired by Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust for a $3.5 billion equity transaction value.