- What The Ontario Superior Court of Justice approved Blackstone’s proposed US$3.5b plan to take Tricon private
- Why The move is a key step in the deal process
- What next Upon completion, Tricon Residential’s shares will be delisted
The Ontario Superior Court of Justice has approved Blackstone’s proposed US$3.5bn plan to take the Tricon Residential private.
Under the deal, announced in January, Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust will acquire all outstanding common shares of Tricon for US$11.25 per share in cash. Tricon shareholders in March voted overwhelmingly to approve the transaction.
The parties still must receive regulatory approval under the Investment Canada Act. The transaction is expected to be completed in the second quarter, at which point Tricon Residential’s common shares will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
Tricon owns 38,000 single-family rental homes in the U.S. Sun Belt and multifamily properties in Toronto.
