August 10, 2017 / 11:15 AM / 2 years ago

Blackstone's Invitation Homes to buy Starwood Waypoint

Aug 10 (Reuters) - Invitation Homes Inc said on Thursday it would buy Starwood Waypoint Homes in an all-stock deal that would create a $11 billion U.S. single-family rental company.

Under the deal, each Starwood Waypoint Homes share will be converted into 1.614 Invitation Homes shares, based on a fixed exchange ratio, Blackstone Group LP-owned Invitation Homes said.

After the deal closes, Invitation Homes stockholders will own about 59 percent of the combined company’s stock, with Starwood Waypoint stockholders owning the rest. (Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar)

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