• Dec. 21, 2016, 8:40 AM
    • In what would be the largest real estate deal of the year, shareholders of Colony Capital (NYSE:CLNY), NorthStar Realty Finance (NYSE:NRF), and NorthStar Asset Management (NYSE:NSAM) approved the merger of the trio.
    • The merged company will have market cap topping $8B, and will be called Colony NorthStar, and trade on the Big Board under the symbol ''CLNS." AUM at the company will exceed $58B.
    • Closing is expected in January.
    Dec. 21, 2016, 8:40 AM | 15 Comments
  • Oct. 17, 2016, 9:25 AM
    • Among the changes are the addition of two independent directors to the combined company's board, and that all board members will stand for election annually.
    • NorthStar Asset Management (NYSE:NSAM) owners will now get a special, pre-closing cash dividend of $228M ($1.16 per share) vs. the previous $128M.
    • Top executives have agreed to a more shareholder-friendly severance deal.
    • Along with NSAM, NorthStar Realty (NYSE:NRF) and Colony (NYSE:CLNY) plan to hold special meetings before year-end in the hopes of closing the merger in January. At closing,  a quarterly dividend at an annualized rate of $1.08 per share will commence.
    • MSD Capital and MSA Partners - together owning 10.2% of NSAM's stock - have agreed to vote in favor of the deal. Jonathan Litt hasn't yet been heard from.
    Oct. 17, 2016, 9:25 AM | 60 Comments
  • Jun. 7, 2016, 3:01 PM
    • The combination of NorthStar Realty Finance (NYSE:NRF), NorthStar Asset Management (NYSE:NSAM), and Colony Capital (NYSE:CLNY) is likely to result in an entity with a significantly higher debt-to-adjusted EBITDA ratio than what NSAM currently sports (less than 1.5x), says S&P.
    • The current BBB- rating could be cut by one or more notches. For now, S&P will keep things on watch, and resolve the rating once the deal is completed (expected Q1 2017).
    Jun. 7, 2016, 3:01 PM | 12 Comments
  • Jun. 3, 2016, 7:23 AM
    • Upon completion of the all-stock deal, NorthStar Asset Management (NYSE:NSAM) shareholders will own 32.25% of the new Colony NorthStar, Colony Capital (NYSE:CLNY) shareholders will own 33.25%, and NorthStar Realty Finance (NYSE:NRF) shareholders 33.9%.
    • NSAM owners, in addition to the regular quarterly dividend, will receive a special cash dividend of $128M.
    • Colony's Thomas Barrack will be Executive Chairman of the board, NorthStar's David Hamamoto will be Executive Vice Chairman, and Colony's Richard Saltzman will be CEO.
    • The companies expect about $115M in annual cost savings, $80M in cash and $35M in stock-based compensation.
    • Terms: NSAM shareholders will own one share of the new company for each share of NSAM they hold; Colony shareholders will receive 1.4663 shares of the new company stock for each share of CLNY they hold; NRF shareholders will receive 1.0996 shares of the new company stock for each share of NRF they hold.
    • Closing is expected in Q1 of next year.
    • A conference call is set for 10 ET.
    Jun. 3, 2016, 7:23 AM | 65 Comments
  • May 6, 2016, 4:19 PM
    May 6, 2016, 4:19 PM | 28 Comments
  • Jan. 11, 2016, 4:12 PM
    • Blackstone (NYSE:BX) could have interest in entering the nontraded REIT business, says FBR's Daniel Altscher, and buying NorthStar Asset Management (NYSE:NSAM) could be a way in.
    • As for Apollo Global (NYSE:APO), Altscher reminds it tried, but failed to buy AR Capital last year.
    • Other possible suitors include traditional asset managers, brokers, sovereign wealth funds, PE funds, and insurance companies.
    • NorthStar's "stable income stream" could be used to support a far higher debt level, says Altscher, and the sale price could end up being at a meaningful premium to the current level. The stock gained 11% today,  but is off more than 40% Y/Y.
    • As for NorthStar Realty Finance (NYSE:NRF) and NorthStar Realty Europe (NYSE:NRE), a sale of either is unlikely, says Altscher.
    • Previously: Strategic alternatives at NorthStar Asset Management; stock up 3.3% (Jan. 11)
    Jan. 11, 2016, 4:12 PM | 30 Comments
  • Apr. 29, 2014, 7:05 AM
    • Up 7.3% yesterday on rumored buyout interest, NorthStar (NRF) is off 5.8% in premarket action. Down 3% yesterday, ARCP is up 1% premarket.
    • Source (NorthStar): Press Release
    • Previously: More on possible ARCP/NRF hookup
    Apr. 29, 2014, 7:05 AM | 1 Comment
  • Apr. 28, 2014, 11:33 AM
    • Fresh off its purchase of Cole Real Estate, American Realty Capital (ARCP -0.3%) is reportedly in talks to acquire NorthStar Realty Finance (NRF +9.8%), though sources remind the discussions are preliminary and a deal may not materialize.
    • ARCP has a market cap of about $10B and NorthStar's would be $6.5B at the $20 per share takeover price being bandied about (25% above Friday's close).
    • Previously: Takeover chatter for NorthStar Realty
    Apr. 28, 2014, 11:33 AM | 11 Comments
  • Apr. 28, 2014, 10:09 AM
    • NorthStar Realty Finance (NRF +6.6%) shoots higher as the FT's Ed Hammond reports the acquisitive American Realty Capital Properties (ARCP -1.6%) as a possible suitor at $20 per share.
    Apr. 28, 2014, 10:09 AM | 11 Comments