Safehold Slides On Combination Agreement With IStar

Shares of Safehold Inc. (SAFE) are declining after the company announced a definitive agreement for a business combination with iStar Inc. (STAR). The deal will value iStar around $1.6 billion. As per the agreement, Safehold will internalize iStar's management team / intellectual property, replacing Safehold's external management structure. The combination is expected to accelerate Safehold's market leadership in the ground lease industry.

Currently, shares are at $41.63, down 4.19 percent from the previous close of $43.45 on a volume of 518,213.

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