A $1 billion deal is set to be sealed between Taylor Morrison and AV Homes. The acquisition will be this year’s largest merger in the homebuilder industry.
In a statement, Taylor Morrison shares that the portfolio of AV Homes complements the assets owned by the company. The latter operates in the states of Arizona, Florida, Texas, and the Carolinas.
Taylor Morrison’s chairman and CEO, Sheryl Palmer said, “The joining of Taylor Morrison and AV Homes supports our strategic growth priority by bringing us deeper into five of our current markets, adding Jacksonville to the portfolio, and further expanding our offerings in the affordable first-time buyer and active adult consumer segments.”
Part of the deal is the acquisition of AV Homes’ shares for $21.50 per share in both cash and stock transaction. Including the outstanding debt of the company, the transaction is valued to be around $963 million.