Tricon Residential To Be Acquired By Blackstone For $3.5 Bln; Stock Up

(RTTNews) - Tricon Residential Inc. (TCN) on Friday announced that it has agreed to be acquired by Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. Following the news shares rose 28%.

Under the agreement, Blackstone will acquire all outstanding common shares of Tricon for $11.25 per Common Share in cash, which accounts for a $3.5 billion equity transaction value based on fully diluted shares outstanding.

The price paid for the transaction will be a 30% premium to Tricon's share price on the NYSE on January 18, 2024.

This acquisition is expected to be completed in the second quarter of this year, following which Tricon will officially become a privately held company.

Under the ownership of Blackstone, the company has announced its plans to complete the development of new single-family rental homes in the United States, worth $1 billion, and new apartments in Canada worth $2.5 billion.

TCN is trading on the New York Stock Exchange at $11.08, up 28.39% or $2.45 per share. It has traded between $6.53 and $11.15 in the past 52-week period.