Dream Finders Homes Inc. has successfully completed the all-cash acquisition of Beazer Homes, resulting in a combined company valuation of approximately $2.2 billion, as announced on Tuesday.

According to the terms of the transaction, Beazer shareholders received $33.50 in cash for each share of Beazer common stock. Following the acquisition, Beazer’s common stock ceased trading and has been delisted from the New York Stock Exchange.

Patrick Zalupski, founder, CEO, and co-chairman of Dream Finders, described the acquisition as “transformative” for the company, taking place in a “challenging housing environment.” He highlighted that this move positions Dream Finders as the nation’s sixth-largest homebuilder and expands its presence into several new markets where Beazer has a foothold.

“This marks our ninth acquisition since our IPO in 2021 and our most significant to date. We will approach this integration as we have with others: with a clear plan and the understanding that we earn success one homebuyer and one community at a time,” Zalupski stated.

He emphasized that the top priority for Dream Finders is to transition Beazer communities to Dream Finders’ floor plans that “better align with what today’s buyers can afford,” while leveraging the company’s larger scale to decrease construction costs and cycle times.

Rick Beckwitt, co-chairman of Dream Finders, mentioned that the board will now focus on “disciplined execution” and performance throughout the housing cycle.

“We anticipate over $100 million in annual run-rate cost synergies and double-digit percentage EPS accretion in the first year, while enhancing our financial services platform and maintaining the asset-light model that supports our returns,” Beckwitt added in the announcement.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor prior to publication.

Related