Blackstone's Invitation Homes to merge with Starwood Waypoint

Invitation Homes, a portfolio company of Blackstone Group, is merging with Starwood Waypoint Homes. The combined company, to be called Invitation Homes, will have 82,000 homes and average of 4,800 homes per market. Once the deal closes Invitation Homes stockholders will own about 59 percent of the combined company, while Starwood Waypoint Homes stockholders will have about 41 percent. The total enterprise value of the deal is $20 billion. Invitation Homes, a U.S. home rental company, went public in February. Starwood is a publicly-traded owner and operator of single-family rental homes.

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