22 January 2024

On January 19th, 2024 Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN) announced that they have entered into an arrangement agreement under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. will acquire all outstanding common shares of Tricon for $11.25 (approximately C$15.17) per Common Share in cash.

The offer price reflects a $3.5 billion equity transaction value based on fully-diluted shares outstanding.

Blackstone Real Estate to Take Tricon Residential Private

Etalon Capital, Inc. provides independent research with a focus on event-driven value equities to institutional investors. Events include M&As, spin-offs, activist investors, IPOs, SPACs, buybacks, recapitalizations, asset sales, hedge fund holdings, and other significant corporate transactions. These are diversified by sources of risk as well as risk/return profiles. We generate an edge with a unique research process, combining value, focus on corporate events, and story investing principles.