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Irvine-based homebuilder New Home Co. announced today it reached an agreement to buy Dallas-based Landsea Homes Corp. in an all-cash transaction.
New Home Co. is acquiring Landsea Homes for $11.30 per share. The transaction represents an enterprise value for Landsea Homes of about $1.2 billion.
Landsea Homes and New Home Co. merging into one entity means the expanded company would be a privately held top 25 homebuilder across ten markets, Those markets are in Arizona, California, Colorado, Florida, Oregon, Texas and Washington.
“We believe this transaction with New Home will deliver immediate cash value to our stockholders at a significant premium and provide us with a strong, well-capitalized partner to accelerate our next phase of growth,” John Ho, Chief Executive Officer of Landsea Homes, said in a statement.
Read the May 19 issue for additional details.