NorthStar Asset Management Group Inc. has declared a one-time special dividend of about $1.16 per share, contingent on the closure of the tri-party merger among it, Colony Capital Inc. and NorthStar Realty Finance Corp.

The merger is expected to close Jan. 10, 2017, and the special dividend is expected to be paid as soon as reasonably practical after the closing of the merger. The number of common shares that will be entitled to receive the special dividend will be determined based on a record date of Jan. 3, 2017.