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Invitation Homes and Starwood Waypoint Homes Announce Merger

Paul, Weiss is representing a subcommitte of the board of directors of premier home leasing company Invitation Homes in its stock-for-stock merger-of-equals transaction with Starwood Waypoint Homes. The combined company, which will operate under the name “Invitation Homes,” will bring together the best practices, technology, and personnel from both firms to create the premier single-family rental company in the United States.

Under the terms of the agreement, each Starwood Waypoint Homes share will be converted into 1.614 Invitation Homes shares, based on a fixed exchange ratio. Upon the closing of the transaction, expected by year end, Invitation Homes stockholders will own approximately 59 percent of the combined company’s stock, while Starwood Waypoint Homes stockholders will own approximately 41 percent of the combined company’s stock. The pro forma equity market capitalization of the combined company is approximately $11 billion and the total enterprise value, is approximately $20 billion.

The Paul, Weiss team included corporate partners Robert Schumer, Tarun Stewart and Ross Fieldston; employee benefits partner Andrew Gaines; tax partner David Sicular; and litigation partner David Brown.

September 28, 2017

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