- What Tricon shareholders approved a $3.5b take-private offer from Blackstone
- Why Blackstone agreed in January to acquire all Tricon’s outstanding common
- shares
- What next Tricon will seek a final order from the Ontario Superior Court of Justice to approve the deal
Tricon Residential shareholders have approved Blackstone’s proposed US$3.5bn plan to take the Toronto-based company 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.
Some 99.3% of common shares voted to approve the deal. The company intends to seek a final order from the Ontario Superior Court of Justice to approve the arrangement.
Subject to closing conditions, the transaction is expected to be completed in the second quarter.
Upon completion of the deal, Blackstone intends to take Tricon private and delist the common shares from the New York Stock Exchange and the Toronto Stock Exchange.
Tricon owns about 38,000 single-family rental homes in the U.S. Sun Belt. It also owns and develops multifamily properties in Toronto.
