Tricon Capital called the deal a “transformative acquisition” for its Tricon American Homes unit, which will become the fourth-largest single-family rental company on public markets. The combined company will own more than 16,800 homes, scale that Tricon believes will bring big rewards. In a presentation, the company noted that it expects to have about 100 homes per field employee following the acquisition, up from about 75 homes today.n start writing!
Silver Bay Realty Trust Corp. (NYSE:SBY), a single-family rental real estate investment trust (“REIT”), announced that its Board of Directors has unanimously approved and Silver Bay has entered into a definitive agreement pursuant to which Tricon Capital Group Inc. will acquire Silver Bay in a transaction valued at approximately $1.4 billion. Silver Bay’s stockholders will receive $21.50 per share in cash for each outstanding share of common stock held immediately prior to the closing of the transaction. This purchase price represents a 19% premium to Silver Bay’s closing price on February 24, 2017 of $18.01 and a 24% premium to the stock’s 90 day trailing average price as of February 24, 2017. In addition, Tricon Capital Group Inc. will assume or repay a total of approximately $600.0 million of Silver Bay’s debt (net of cash on hand).