Apollo Global Management's (APO) New Home agreed to buy Landsea Homes (LSEA) for $1.2 billion in cash.
New Home, a portfolio company of funds managed by affiliates of Apollo Global Management, agreed to pay $11.30 a share for Landsea, the companies said Monday in a statement.
The price represents a premium of 61% to Landsea Homes' closing stock prior to the announcement, according to the statement.
The combined company will be led by New Home Chief Executive Officer Matthew Zaist, according to the statement.
The transaction is expected to close in Q3.
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