By Kelly Cloonan
New Home Co. has agreed to buy Landsea Homes in an all-cash transaction valued at about $1.2 billion.
The companies on Monday said New Home will acquire Landsea Homes for $11.30 per share, representing a premium of about 61% to the stock's closing price of $7.02.
The acquisition aims to create an asset-light, returns-focused homebuilder with almost 4,000 annual closings, the companies said.
Upon completion of the deal, Landsea Homes will become a privately held company. The combined company will be led by New Home Chief Executive Matthew Zaist.
The transaction is supported by $650 million in new cash equity from the Apollo Funds, which is managed by affiliates of Apollo Global Management and is the majority shareholder of New Home.
The deal is expected to close early in the third quarter.
The combined company will offer homebuyers a range of options, including single-family detached and attached residences, across fast-growing markets in Arizona, California, Colorado, Florida, Oregon, Texas and Washington, the companies said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
By Kelly Cloonan
Apollo Global Management-backed New Home Co. has agreed to buy Landsea Homes for about $410.5 million, in a combination of two homebuilders serving several fast-growing markets.
The companies said on Monday that New Home will pay $11.30 a share for Landsea, representing a premium of about 61% to the stock's closing price. Apollo will put in $650 million to fund the deal, which the companies said had a total enterprise value of $1.2 billion.
The acquisition aims to create an asset-light, returns-focused homebuilder with almost 4,000 annual closings, the companies said.
Upon completion of the deal, Landsea Homes will become a privately held company. The combined company will be led by New Home Chief Executive Matthew Zaist.
The transaction is supported by $650 million in new cash equity from the Apollo Funds, which is managed by affiliates of Apollo Global Management and is the majority shareholder of New Home.
The deal is expected to close early in the third quarter, the companies said.
The combined company will offer homebuyers a range of options, including single-family detached and attached residences, across fast-growing markets in Arizona, California, Colorado, Florida, Oregon, Texas and Washington, the companies said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 12, 2025 19:20 ET (23:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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