TCN - Blackstone's Real Estate Power Move: Takes Tricon Residential Private | Benzinga
Blackstone Inc (NYSE:BX) has agreed to buy all Tricon Residential Inc. (NYSE:TCN) shares for $11.25, or about C$15.17 per common share in cash.
The companies entered an arrangement agreement that outlines that Blackstone Real Estate Partners X, in partnership with Blackstone Real Estate Income Trust, Inc. (BREIT), will acquire all of Tricon’s outstanding shares.
The transaction price represents a premium of 30% to Tricon’s closing share price on the NYSE on January 18, 2024, and equates to a $3.5 billion equity transaction value based on fully diluted shares outstanding. Post-acquisition, BREIT will retain its 11% ownership in Tricon.
Tricon specializes in ...