PulteGroup to Acquire Certain Homebuilding Assets of John Wieland Homes and Neighborhoods - Land.Net News
PulteGroup, Inc. (NYSE: PHM) announced
today that it has entered into an agreement to acquire certain homebuilding
assets of John Wieland Homes and Neighborhoods ("Wieland"), one of the country's
premier builders of move-up and luxury homes, from affiliates of Wheelock Street
Capital, L.L.C. and the Wieland family. As part of the transaction, PulteGroup
expects to acquire approximately 7,400 controlled lots and 280 homes in backlog.
Pending completion of standard due diligence and customary closing conditions, the purchase is expected to close no later than the first quarter of 2016. The Company plans to use available cash to fund the purchase price of approximately $430 million to $450 million, subject to any final post-closing adjustments. The Company expects this transaction will be immediately accretive to earnings and cash flows.