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Pretium, Ares to Purchase Front Yard in $2.4 Billion Deal

  • Single-family industry has become popular pandemic bet
  • Demand for more space in suburbs drives new investment
    

Photographer: Chris Rank/Bloomberg

Updated on

Pretium and Ares Management Corp. have agreed to purchase Front Yard Residential Corp. in a deal valued at $2.4 billion that would create the second-largest single-family landlord in the U.S.

Front Yard shareholders will receive $13.50 a share, a premium of about 36% over the closing price on Friday, according to a statement on Monday. The equity value of the deal is about $800 million.