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Blackstone's Invitation Homes to buy Starwood Waypoint

A home on Casaba Ave. in Canoga Park that Invitation Homes recently bought, fixed up and turned into a rental property.
Mel Melcon | Los Angeles Times | Getty Images
A home on Casaba Ave. in Canoga Park that Invitation Homes recently bought, fixed up and turned into a rental property.

Invitation Homes said on Thursday it would buy Starwood Waypoint Homes in an all-stock deal that would create a $11 billion U.S. single-family rental company.

Under the deal, each Starwood Waypoint Homes share will be converted into 1.614 Invitation Homes shares, based on a fixed exchange ratio, Blackstone-owned Invitation Homes said.

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.