Published February 27, 2017 4:26pm EST | Updated March 16, 2017 5:58pm EDT

Canada's Tricon To Buy Silver Bay Realty For $21.50 a Share

Tricon Capital Group Inc. will buy Silver Bay Realty Trust Corp. for $21.50 a share in a deal valued at $1.4 billion, the Canadian company announced late Monnday. The transaction includes about $820 million in equities and $600 million of Silver Bay debt. The purchase, when finalized in the second quarter, is expected to add to Tricon's earnings. Shares of Silver Bay surged 18% to $21.45 while Tricon fell 2.7% after hours.