10 May 2017
Toronto
Reporter: Mark Dugdale

Tricon completes Silver Bay deal


Toronto Stock Exchange-listed Tricon Capital Group has completed its acquisition of Silver Bay Realty Trust Corp.

The transaction values Silver Bay, a single-family property specialist based in Maryland, at an enterprise value of approximately $1.4 billion.

The deal was structured as a merger between subsidiary Tricon American Homes and Silver Bay, with Tricon Capital Group splashing out $820 million at $21.50 per share and approximately $600 million of refinanced debt.

“The combination of Tricon American Homes and Silver Bay is a transformative event for our company which strengthens Tricon American Homes’s position as a leader in the burgeoning single-family rental industry,” commented Gary Berman, president and CEO of Tricon.

“This transaction creates the fourth largest publicly-owned Silver Bay Realty company in the US, with approximately 16,800 homes concentrated in high-growth Sun Belt markets and a singular focus on the middle market.”

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