By Adriano Marchese

Tricon Residential shares jumped in early trading after agreeing to be acquired by Blackstone Real Estate Partners in a deal with an equity transaction value of $3.5 billion.

In recent trading, shares in Toronto were up 28% to 14.94 Canadian dollars ($11.08) and rose 28% to $11.08 in New York.

The two companies said in a joint statement Friday that Blackstone Real Estate Partners, in conjunction with Blackstone Real Estate Income Trust, will acquire all outstanding common shares of Tricon for about C$15.17 a share.

The transaction price represents a premium of 30% to Tricon's closing share price in New York on Thursday and a 42% premium to the volume-weighted average share price over the prior 90 days, Tricon said.

Once the transaction is complete, Tricon's shares will no longer be listed on the New York Stock Exchange or the Toronto Stock Exchange, but will remain headquartered in Toronto, Ontario.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 19, 2024 09:59 ET (14:59 GMT)

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