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National home builder and developer Taylor Morrison Home Corporation has a cash and stock deal in place to acquire all outstanding shares of AV Homes common stock, valued at $963 million.
AV Homes is a developer and builder of residential communities in Arizona, the Carolinas, Florida, Texas. Sheryl Palmer, chairman and CEO of Taylor Morrison says the deal, "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," per Cision PR Newswire. The deal is expected to close late in the third, or early in the fourth quarter of 2018.
Roger A. Cregg, president and CEO of AV Homes, Inc., said, "We are pleased with the significant progress AV Homes has made over the last several years executing our growth strategy, including being recognized as the fastest growing public homebuilder in both 2015 and 2016. Through our focus on consumer segmentation and geographical diversification, we have grown our position in both existing and new attractive metropolitan areas. By combining with Taylor Morrison ... we will create a premier home builder in some of the country's highest growth areas and drive accretive returns for our shareholders for years to come."
