August 10, 2017 / 11:14 AM / a month ago

BRIEF-Invitation Homes and Starwood Waypoint Homes to merge

Aug 10 (Reuters) - Invitation Homes Inc

* Invitation Homes and Starwood Waypoint Homes announce merger to create best-in-class single-family rental company

* Starwood Waypoint Homes - ‍substantial portfolio overlap expected to drive $45-50 million in annual synergies​

* Starwood Waypoint Homes - ‍under terms of agreement, each Starwood Waypoint Homes share will be converted into 1.614 Invitation Homes shares​

* Starwood Waypoint Homes - ‍upon closing of transaction, invitation homes stockholders will own approximately 59 percent of combined company’s stock​

* Starwood Waypoint Homes - ‍invitation Homes’ Bryce Blair to remain chairman, Starwood Waypoint Homes’ Fred Tuomi to be CEO of combined co​

* Starwood Waypoint Homes - ‍Ernie Freedman, chief financial officer of invitation homes, will remain CFO of combined co​

* Starwood Waypoint - ‍equity market cap of combined co would be about $11 billion and total enterprise value (including debt) would be about $20 billion​

* Starwood Waypoint Homes - ‍combined company will be headquartered in Dallas, Texas, and will maintain a presence in Scottsdale, Arizona​

* Starwood Waypoint Homes - ‍combined co board is expected to have 11 directors

* Starwood Waypoint Homes - ‍transaction is expected to be accretive to core FFO and AFFO on a run-rate basis​

* Starwood Waypoint Homes - ‍combined co board is expected to have six directors appointed by Invitation Homes, five appointed by Starwood Waypoint Homes​

* Starwood Waypoint Homes - ‍quarterly dividend for combined co is expected to be $0.11 per share post deal close​

* Starwood Waypoint Homes - ‍transaction has been unanimously approved by boards of both Starwood Waypoint Homes and Invitation Homes​

* Starwood Waypoint - ‍transaction will reduce Blackstone’s ownership stake in combined co to 41 percent from 70 percent in current, stand-alone invitation homes​

* Starwood Waypoint Homes - ‍all-stock merger is intended to be a tax-free transaction​

* Starwood Waypoint Homes - ‍combined co’s shares expected to continue trading on New York Stock Exchange under ticker symbol for Invitation Homes​ Source text for Eikon: Further company coverage:

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