A home under construction stands behind a “sold” sign in a new development in York County, South Carolina, Feb. 29, 2020. Lucas Jackson/Reuters
Berkshire Hathaway Inc. said on June 1 it would acquire Scottsdale, Arizona-based homebuilder Taylor Morrison Home Corporation in an all-cash transaction. It marks Berkshire’s first major purchase since new CEO Greg Abel replaced Berkshire Hathaway founder Warren Buffett in the company’s top role on Jan. 1.
Berkshire Hathaway said it will pay $72.50 for each share of Taylor Morrison common stock, valuing the company at an enterprise value of $8.5 billion, including about $6.8 billion in equity value and assumed debt. The price is a 24 percent premium above Taylor Morrison’s closing stock price of $58.50 per share on May 29.
