Tricon Residential Inc. Receives Final Court Approval For Take Private By Blackstone Real Estate, Will Acquire All Of The Outstanding Common Shares Of The Tricon For $11.25 Per Share In Cash

Author: Benzinga Newsdesk | April 05, 2024 05:06pm

Tricon Residential Inc. (NYSE:TCN, TSX:TCN) ("Tricon" or the "Company") today announced that the Ontario Superior Court of Justice (Commercial List) has granted a final order approving its previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement") pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. will acquire all of the outstanding common shares of the Tricon ("Common Shares") for US$11.25 per Common Share in cash (the "Transaction").

Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of regulatory approval under the Investment Canada Act. Subject to the satisfaction or waiver of all of the conditions to the Transaction, the Transaction is expected to be completed in the second quarter of this year. Following completion of the Transaction, it is anticipated that the Common Shares will be delisted from the New York Stock Exchange and the Toronto Stock Exchange and that the Company will apply to cease to be a reporting issuer under applicable Canadian securities laws and will deregister the Common Shares under the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act").

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