Privately held Amherst Residential LLC said Tuesday it has reached an agreement to acquire Front Yard Residential Corp. RESI, +0.44% in a deal valued at about $2.3 billion, including debt. Front Yard shareholders will receive $12.50 per share in cash, equal to a premium of about 14.2% over the share's closing price on may 20, 2019, the day before the company said it would start exploring its strategic alternatives. Amherst is a data-driven real estate investment firm operating in the residential and commercial real state capital markets. Amherst Residential affiliates and subsidiaries will acquire Front Yard's operating platform and assets, including about 15,000 SFR homes, currently managed by Front Yard's operator, HavenBrook Homes, once the deal closes. The close is expected to take place in the second quarter. Front Yard's shares jumped 12.4% premarket on the news, but are up just 0.1% in the last 12 months through Friday, while the S&P 500 SPX, +0.18% has gained 22%.
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February 18, 2020 at 07:53PM
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Amherst Residential to acquire Front Yard Residential Corp. in deal valued at about $2.3 billion - MarketWatch
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