Landsea Homes Strikes $232.2M Deal To Acquire Texas-Based Antares Homes, Bolstering Dallas-Fort Worth Footprint

Homebuilder Landsea Homes Corp LSEA has entered into a definitive agreement to acquire Antares Homes, a Dallas-Fort Worth based homebuilder.

Landsea will acquire Antares for $232.2 million in cash, which includes repayment of an anticipated $47.2 million of Antares Homes debt.

The acquisition is expected to expand Landsea Homes' presence in the Dallas/Fort Worth metropolitan area. 

John Ho, Chief Executive Officer of Landsea Homes, said, "Antares Homes is building new homes in 19 communities located in 13 unique, desirable locations across the Dallas-Fort Worth metro and provides us with the perfect opportunity to achieve more size and scale in Texas."

Antares Homes is a local, family-owned homebuilder with new homes throughout the Dallas-Fort Worth area, including Arlington, Burleson, Forney and more.

The transaction is expected to close in early February 2024. After the completion of the transaction, Antares Homes employees are expected to become part of the Landsea Homes team. 

Landsea Homes expects to fund the transaction with a combination of cash and borrowings under its revolving credit facility. 

As of September 30, 2023, Landsea Homes had total liquidity of $389.4 million consisting of cash and cash equivalents and cash held in escrow of $144.4 million and $245.0 million in availability under its $675.0 million unsecured revolving credit facility.

Price action: LSEA shares traded lower by 2.30% at $12.30 on the last check Tuesday.

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