Tricon Capital Group Inc has agreed to acquire Silver Bay Realty Trust Corp for $1.4 billion. According to terms of the deal, Silver Bay stockholders will receive $21.50 per share in cash. Orrick advised Silver Bay on the deal. Based in Maryland, Silver Bay is focused on acquiring, renovating, leasing and managing single-family properties for rental income and long-term capital appreciation.
February 27, 2017 – Orrick has advised Silver Bay Realty Trust Corp. in its $1.4 billion acquisition by Tricon Capital Group Inc. Silver Bay stockholders will receive $21.50 per share in cash for each outstanding share of common stock held immediately prior to the closing of the transaction. In addition, Tricon Capital will assume or repay a total of approximately $600 million of Silver Bay’s debt (net of cash on hand).
Silver Bay is an internally managed Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Tricon is a principal investor and asset manager focused on the residential real estate industry in North America.
The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to customary closing conditions, including approval by the stockholders of Silver Bay, and is expected to close in the second quarter of 2017.
The Orrick team on this transaction was led by partners Karen Dempsey and Richard Vernon Smith and included assistance from partners Grady Bolding, Jason Flaherty, David Lin and Dolph Hellman and associates Hari Raman, Lynne Hirata, Stephanie Richards and Conner Pine. Orrick has represented Silver Bay in connection with a number of matters, including its 2012 IPO and its 2014 internalization transaction.