Tri Pointe Homes, Inc. is merging with Weyerhaeuser Co.'s homebuilding business in a deal worth $2.7 billion, pending approval from Tri Pointe shareholders.
Weyerhaeuser Real Estate Co. will become a Tri Pointe subsidiary, with 80.5% ownership of the combined company to be distributed to Weyerhaeuser's shareholders. Pre-transaction Tri Pointe shareholders will own the remaining 19.5%.
The transaction doesn't include all Weyerhaeuser Real Estate assets, however; those remaining will be kept by Weyerhaeuser.
The deal is expected to close by the end of the second quarter next year.