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Dream Finders to acquire Beazer in $2.2 billion cash deal
The boards have approved the deal, and Dream Finders expects more than $100 million in annual cost-savings while planning to return leverage to current levels within 18 to 24 months.
Dream Finders Homes has reached a definitive agreement to acquire Beazer Homes for $33.50 per share in cash, valuing the transaction at about $2.2 billion in enterprise value, HousingWire reported.
Dream Finders projects more than $100 million in annual run rate cost savings, and it plans to return leverage to current levels in 18 to 24 months. The deal is expected to close in the fourth quarter, subject to Beazer shareholder approval, regulatory approvals, and other customary closing conditions.
According to HousingWire, the $33.50 price is $1.50 above Dream Finders’ most recent $32 per share proposal, and it is $7.75, about 30%, above the $25.75 offer that made the contest public in May.
The transaction will be funded through committed financing, including a land banking facility from Kennedy Lewis and Millrose Properties, preserving Dream Finders’ 100% land-light strategy, HousingWire said.