Invitation Homes, Starwood Waypoint Homes to merge
Transactions - AUGUST 10, 2017

Invitation Homes, Starwood Waypoint Homes to merge

by Andrea Waitrovich

Blackstone Group-backed Invitation Homes has merged with Starwood WayPoint Homes, to create a company with a combined market value of $11 billion.

The new company will still have the name Invitation Homes. The combined company will own 82,000 homes in 17 markets.

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.

Blackstone Group will own 41 percent of the combined company, down from 70 percent of Invitation Homes currently.

And after the deal, Starwood Waypoint's chief executive Fred Tuomi will head the combined company.

Invitation Homes was created by the Blackstone Group in 2012, which the firm spent an estimated $9.6 billion buying 50,000 homes, according to Forbes. And this Invitation Homes went public, raising $1.8 billion.

Earlier this year Colony Starwood Homes, an owner and operator of single-family rental homes that formed in 2016 when Starwood Waypoint Residential Trust merged with Colony American Homes, announced that it rebranded as Starwood Waypoint Homes. Colony American Homes and Starwood Waypoint Residential Trust completed its $7.7 billion merger in January 2016.

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