iStar Financial (STAR) to Merge with Safehold (SAFE)

Safehold Inc. (NYSE: SAFE) and iStar Inc. (NYSE: STAR) jointly announced today that the two companies have entered into a definitive agreement for a tax-free, strategic combination that will accelerate Safehold’s market leadership in the ground lease industry and make Safehold the only internally-managed, pure-play ground lease company in the public markets.

Transaction Overview

Internalization of manager : Under the terms of the transaction Safehold will internalize iStar’s management team / intellectual property, replacing Safehold’s external management structure.