A Scottsdale home builder said it will acquire a fellow home builder in a cash and stock deal worth nearly $1 billion.
Taylor Morrison Home Corp. (NYSE: TMHC) will buy AV Homes Inc. (Nasdaq: AVHI) in a transaction valued at $963 million, both companies said Thursday morning.
Both companies' boards have unanimously approved the transaction. The acquisition is expected to close sometime in the third quarter or early fourth quarter.
TPG Capital, which owns roughly 40 percent of AV stock, also has agreed to vote all of its shares in favor of the transaction.