Blackstone Inc., a US-based real estate investor, has made a bid to acquire Tricon Residential Inc., one of Toronto’s largest rental apartment owners, in a deal valued at approximately $4.7 billion (US$3.5 billion).

Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as Canadian and US legal counsel, respectively, to Tricon, while Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as financial advisors. Osler, Hoskin & Harcourt LLP is serving as legal counsel, and Scotiabank is acting as the independent financial advisor and independent valuator to Tricon Special Committee.

Davies Ward Phillips & Vineberg LLP and Simpson Thacher & Bartlett LLP are serving as Canadian and US legal counsel, respectively, to Blackstone, while BofA Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo are acting as financial advisors.

The deal is expected to close in the second quarter of 2024, subject to customary closing conditions.