By Sabela Ojea

Tricon Residential said its shareholders will be voting for the company to become a private company after it entered into a takeover agreement with Blackstone.

The Canadian real estate company on Friday said that the Ontario Superior Court of Justice granted an interim order that authorizes it to hold a special shareholders meeting on March 28.

The transaction is expected to be completed in the second quarter of the year.

On Jan. 19, Blackstone said it would acquire all Tricon's outstanding common shares for $11.25 per share each, representing a premium of 30% to its closing price on the prior day.

Under Blackstone's ownership, Tricon plans to complete its $1 billion development pipeline of new single-family rental homes in the U.S. and $2.5 billion of new apartments in Canada.

Write to Sabela Ojea at; @sabelaojeaguix

(END) Dow Jones Newswires

02-16-24 1850ET