As part of its efforts to expand in the U.S. market, Japanese homebuilder Sumitomo Forestry Co., Ltd. announced plans to acquire Tri Pointe Homes, Inc. for $4.5 billion in cash.
Officials said the deal will pay stockholders $47 per share, representing a 29% premium over Tri Pointe’s closing price on Friday of $36.57.
Sumitomo Forestry officials said the acquisition is part of the company’s Mission Treeing 2030, an effort to supply over 23,000 homes in the U.S. by 2030.
As part of the ownership change, Tri Pointe Homes will become a subsidiary of Sumitomo Forestry and continue to operate from its Irvine office, according to a news release.
For further details, see the Feb. 23 edition of the OCBJ.
