Colony Financial, Inc. and Colony Capital, LLC have completed their combination -- the former previously being a subsidiary of the latter -- to merge and form Colony Capital, Inc., becoming an internally-managed real estate and investment management company with more than 300 employees in 14 offices around the globe. The transaction was approved by an overwhelming majority of its shareholders at the Special Meeting on March 31, 2015. The transaction included the formation of an umbrella partnership real estate investment trust (UPREIT) with a subsidiary operating partnership that holds all the assets and directly or indirectly conducts substantially all the business of Colony Capital.
"This combination allows Colony Capital to expand its unique global culture and brand by utilizing its strong balance sheet to create bespoke investment products and platforms in real assets and at opportunistic points in cycles and geographies," said Executive Chairman Thomas Barrack, Jr. in a statement.
"The transaction is seamless for Colony's employees," added Chief Executive Officer Richard Saltzman. "It is business as usual with minimal integration logistics as everyone already works together as a team, albeit previously across separate legal entities."
Morgan Stanley & Co. acted as financial advisor to the Special Committee of the Board of Directors of Colony Capital in connection with the transaction. Wachtell, Lipton, Rosen & Katz acted as legal advisor to the Special Committee of the Board of Directors in connection with the transaction. Hogan Lovells acted as legal advisor to Colony Capital in connection with the transaction. Goldman, Sachs & Co. acted as financial advisor to Colony Capital, LLC in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Colony Capital, LLC in connection with the transaction.
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