Taylor Morrison swept up in $955M deal

Scottsdale homebuilder Taylor Morrison is being swept up in a sale valued at nearly $1 billion to investment funds led by TPG Capital, Oaktree Capital Management and JH INvestments. Taylor Wimpey plc (LON:TW), a U.K. builder, is selling its North American holdings, Taylor Morrison in the U.S. and Monarch in Canada, for $955 million. Taylor Morrison has more than 130 communities in Arizona, California, Colorado, Florida and Texas. CEO Sheryl Palmer said the objective for the past year has been for all U.S. divisions to return to profitability, which was accomplished in 2010. “We believe that the company’s international platform is an ideal vehicle for participating in the future recovery of the homebuilding industry,” said John Brady, head of Oaktree’s global real estate investment strategy, in a statement. U.K. shareholders and regulators must approve the sale.

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