Colony Capital Inc CLNY, NorthStar Asset Management Group Inc NSAM and Northstar Realty Finance Corp NRF jointly announced after Friday's market close they are all entered into exclusive negotiations to discuss a three-way merger. Colony and Northstar Realty Finance issued a joint proposal to NorthStar Asset Management to consider a "tri-party all stock 'at the market' business combination based upon historical trading prices." Related Link: Northstar Realty Surges 20%, Company To Explore Strategic Alternatives The three companies believe a combination would result in a "world-class diversified real estate and investment management equity REIT," which would boast "significant scale, deep management talent, and the opportunity to generate substantial revenue and expense synergies."