Landsea Homes Strikes $232.2M Deal To Acquire Texas-Based Antares Homes, Bolstering Dallas-Fort Worth Footprint
Portfolio Pulse from Shivani Kumaresan
Landsea Homes Corp (NASDAQ:LSEA) has agreed to acquire Antares Homes for $232.2 million in cash, including the repayment of $47.2 million of Antares debt. This acquisition will expand Landsea's presence in the Dallas-Fort Worth area. The deal is expected to close in early February 2024, with Antares employees joining Landsea post-transaction. Landsea plans to fund the purchase with cash and credit facility borrowings. As of September 30, 2023, Landsea had $389.4 million in total liquidity. LSEA shares dropped 2.30% to $12.30 recently.
January 09, 2024 | 4:06 pm
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Landsea Homes Corp is acquiring Antares Homes to bolster its Dallas-Fort Worth market presence, with the transaction expected to close in early February 2024.
The acquisition of Antares Homes is a strategic move for Landsea Homes to expand its market share in the Dallas-Fort Worth area, which is likely to be viewed positively by investors in the long term. However, the short-term impact on the stock price may be neutral to slightly positive, as the market has already reacted with a slight decrease in share price, possibly due to concerns about the cash outlay and debt repayment involved in the deal.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100