D.R. Horton acguires Midwestern homebuilder in $60 m Deal
D.R Horton is based Arlington, Texas. D.R Horton announced Tuesday its second acquisition in less than a month, purchasing lowa based Classic Builders.
With the deal, D.R Horton will receive 670 lots, 130 homes in inventory and 40 homes in sales order backlog, as well as roughly 550 lots through option contracts.
D.R. Horton is slated to pay $60 million in cash for Classic. It is will operate as a separate division of the North Texas company.
Last month, the company announced another purchase to extend its Midwestern presence, paying $190 million in cash for the homebuilding operations of Westport Homes.
Source: Gulf News
Fulya Altunyay/ [email protected]