Blackstone BX has announced an acquisition of Tricon Residential TCN that is expected to be completed in Q2 of 2024.
Under the terms of the agreement, Blackstone has agreed to give Tricon Residential $3.50 billion in cash in exchange for TCN stock.
About The Companies Involved
Blackstone is the world’s largest alternative asset managers with $1.001 trillion in total asset under management, including $731.
Tricon Residential Inc is a rental housing company catering to the middle-market demographic throughout the United States and Canada. The company owns and manages approximately 36,000 single-family rental homes and multi-family rental units through an integrated, technology-enabled operating platform.
How An Acquisition Works
An acquisition is when one company, called the acquiring company, buys most or all of another company’s, or target company’s, shares to gain ownership. Buying more than 50% of a company’s stock allows the the acquirer to make decisions without the approval of the company’s shareholders.
An acquisition can potentially lead to a merger with the parent company, which makes it similar to a merger. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.
Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.