A Scottsdale, Arizona-based homebuilder said it will acquire a competitor 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.
