Tricon Residential Shares Soar on $3.4 Billion Blackstone Real Estate Acquisition Deal
19 Janeiro 2024 - 12:14PM
Dow Jones News
By Adriano Marchese
Tricon Residential shares jumped in early trading after agreeing
to be acquired by Blackstone Real Estate Partners in a deal with an
equity transaction value of $3.5 billion.
In recent trading, shares in Toronto were up 28% to 14.94
Canadian dollars ($11.08) and rose 28% to $11.08 in New York.
The two companies said in a joint statement Friday that
Blackstone Real Estate Partners, in conjunction with Blackstone
Real Estate Income Trust, will acquire all outstanding common
shares of Tricon for about C$15.17 a share.
The transaction price represents a premium of 30% to Tricon's
closing share price in New York on Thursday and a 42% premium to
the volume-weighted average share price over the prior 90 days,
Tricon said.
Once the transaction is complete, Tricon's shares will no longer
be listed on the New York Stock Exchange or the Toronto Stock
Exchange, but will remain headquartered in Toronto, Ontario.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 19, 2024 09:59 ET (14:59 GMT)
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