New Home has successfully completed its acquisition of Landsea Homes, marking a pivotal step in its growth strategy. This move aims to enhance market reach, scale, and customer service. Shareholders of Landsea will receive $11.30 per share in cash, following the delisting of its stock from NASDAQ. The acquisition was financed through various channels, including partnerships with Apollo Global Management and Millrose Properties. New Home focuses on entry-level and move-up buyers, while Landsea specializes in high-end sustainable communities across major U.S. markets.
We are pleased to complete this transaction, which marks an important next step in New Home's long-term growth strategy, Zaist said in a statement. With greater scale, market diversity and a shared focus on delivering exceptional customer experiences, we are well positioned to further extend our platform and enhance our offerings to homebuyers.
Following the closure of the deal, Landsea Homes' common stock was delisted from the NASDAQ index. Landsea shareholders will receive $11.30 per share in cash.
The acquisition was funded with proceeds from three sources. These included funds managed by affiliates of Apollo Global Management, land banking capital from Millrose Properties, and an offering of senior notes by New Home.
New Home, based in Irvine, California, describes itself as an asset-light homebuilder. It targets entry-level and move-up buyers across high-growth markets.
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