MONEY
Home Properties: Sale will go through soon
Todd Clausen
@ToddJClausen
A Texas-based private equity firm expects to close on its multi-billion dollar purchase of a Rochester-based property management firm later this week.
Lone Star Funds has informed Home Properties that it plans to close on the deal on Oct. 7. In June, the two firms announced a $7.6 billion all-cash deal. Shareholders of Home Properties approved the deal last week.
After the closing, Home Properties will no longer be traded on the New York Stock Exchange and outstanding shares of stock will be converted into the right to receive $75.23 in cash. Home Properties owns and operates 120 complexes with almost 42,000 apartment units.
TCLAUSEN@Gannett.com