Tricon Residential Inc., also known as TCN or TCN.TO, announced that its proposed statutory plan of arrangement has been approved by the Ontario Superior Court of Justice (Commercial List). As part of this arrangement, Blackstone Real Estate Partners X, along with the Blackstone Real Estate Income Trust Inc., will buy all the outstanding common shares of Tricon for $11.25 per share in cash.
This transaction is expected to be finalized in the second quarter of this year, provided it meets specified closing conditions such as approval under the Investment Canada Act. As a consequence of this deal, it is expected that Tricon's common shares will be removed from both the New York Stock Exchange and the Toronto Stock Exchange.
Recall that in January 2024, Tricon Residential agreed to a buyout arrangement with Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust. This deal values Tricon Residential's equity at $3.5 billion.
