Invitation Homes, Starwood Waypoint to join forces in $20B deal
August 11, 2017
Real Estate Services | Merger
Invitation Homes and Starwood Waypoint Homes have agreed to combine in a stock-for-stock merger, creating an owner and operator of some 82,000 rental homes in the US with an enterprise value of roughly $20 billion. The business will retain the Invitation Homes name. Current Invitation Homes shareholders will own 59% of the combined company, with existing Starwood Waypoint shareholders holding the remaining 41%. Blackstone, which currently owns 70% of Invitation Homes, will take a 41% stake in the new business. Shares of Invitation Homes (NYSE: INVH) gained nearly 4%, while Starwood Waypoint (NYSE: SFR) jumped 5%.