CHARLOTTE, N.C. — Once again, two of the Charlotte market’s most active homebuilders are becoming one.
Taylor Morrison Home Corp. announced this morning that it will acquire AV Homes Inc. NASDAQ: in a cash-and-stock deal valued at about $963 million.
Scottsdale, Ariz.-based Taylor Morrison, ranked No. 10 locally based on the value of its permits here in 2016, will pay $21.50 per share for AV Homes, which sits at No. 22 on the same ranking.
“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,” said Sheryl Palmer, chairman and CEO of Taylor Morrison, in a news release.
The acquisition is expected to close later this year.
This combination follows on the heels of Lennar Corp.’s merger with CalAtlantic Group, which closed in February.
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