Larry Webb

Larry Webb

New York-based investment manager Apollo Global Management said Friday that it will acquire homebuilder The New Home Company (NYSE: NWHM) for $9.00 per share, or about $338 million.

After the closing of the all-cash transaction, New Home Co., which moved its headquarters to Scottsdale from Irvine earlier this year, will become a privately held company.

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New Home Co. still counts a local executive office in Irvine.
"Over the last several years, we have transformed the company into a growing and diversified builder with operations in three states," said Executive Chairman and Founder Larry Webb.

“We have strengthened our balance sheet, streamlined our cost structure and repositioned our product offerings to cater to a deeper pool of buyers. Apollo’s ability to provide flexible capital and deep knowledge of the homebuilding industry will help us to accelerate the growth of our business.”

Shares of the company are up more than 80% to $8.90 upon news of the deal.