Invitation Homes To Merge with Starwood Waypoint Homes

Two of the country’s largest rental home owners are reportedly merging in a deal that would create a company with 82,000 homes in 17 metro areas. Blackstone Group’s Invitation Homes Inc., headquartered in Dallas, will acquire Starwood Waypoint Homes in a deal valued at $10.7 billion.

Under the terms of the agreement, Invitation Homes shareholders will end up with 59% of the combined company’s shares, with Starwood investors holding the remainder. The merged companies will operate out of North Texas.

Deutsche Bank and J.P. Morgan are acting as financial advisers and Simpson Thacher & Bartlett LLP is acting as legal adviser to Invitation Homes. Morgan Stanley and Evercore are serving as financial advisers and Sidley Austin LLP is serving as legal adviser to Starwood Waypoint Homes. Kirkland & Ellis LLP advised Blackstone Group on the deal.

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