Landsea Homes Corporation (NASDAQ: LSEA) has closed its acquisition of Antares Homes, a Dallas-Fort Worth based homebuilder, for approximately $242.5 million in cash, which includes the repayment of an anticipated $43.2 million of Antares Homes' debt. This acquisition has significantly expanded Landsea Homes' presence in Texas, adding 2,254 owned or controlled lots to its portfolio and expanding its homebuilding footprint into 13 cities, including the Dallas/Fort Worth metropolitan area.
Antares Homes is currently building new homes in 19 communities located in 13 locations throughout the Dallas-Fort Worth area, including Fort Worth, Burleson, Crowley, Forney, Granbury, Midlothian, and more. With the closing of this transaction, most of Antares Homes' employees are anticipated to become part of the Landsea Homes team.
The Dallas-Fort Worth housing market continually ranks among the top 100 housing markets in the country, according to realtor.com, showcasing the region's robust job market and continued expansion. This acquisition aligns with Landsea Homes' strategic expansion plans and its goal to become one of Texas' top homebuilders.
Vestra Advisors LLC served as the exclusive financial advisor to Landsea Homes, and Latham and Watkins LLP served as their legal counsel.
This acquisition represents a significant milestone for Landsea Homes as it continues its expansion and growth in the Texas market, signaling the company's commitment to becoming a leading homebuilder in the region. As a result of these announcements, the company's shares have moved -5.4% on the market, and are now trading at a price of $13.38. If you want to know more, read the company's complete 8-K report here.
