Dream Finders Homes has completed its all-cash acquisition of Beazer Homes USA, a deal with an enterprise value of about $2.2 billion, the company said.
The combination makes Dream Finders the sixth-largest U.S. homebuilder by 2025 revenue. It takes the company into California, Nevada, Indiana and Delaware and adds scale in Texas, Florida, the Carolinas, Georgia and Arizona. Beazer's stock was delisted from the New York Stock Exchange.
"We are closing this transaction in a challenging housing environment, and we are clear-eyed about that," said Patrick Zalupski, founder and chief executive of Dream Finders, in a statement.
The company expects more than $100 million in annual cost savings. It plans to move homes in Beazer's communities to its own floor plans, which it says better match what buyers can afford, and to use its larger scale to lower construction costs and shorten build times.