Dream Finders to Acquire Beazer Homes

Dream Finders Homes announced a definitive agreement to acquire Beazer Homes USA in an all-cash transaction with an enterprise value of approximately $2.2 billion. Beazer shareholders will receive $33.50 per share in cash, representing an implied price-to-book multiple of about 0.8 times. The combined company will become the sixth-largest U.S. homebuilder, operating in 26 markets and approximately 520 active communities across the Southeast, Mid-Atlantic, Texas, West, and Midwest. The transaction is expected to generate over $100 million in annual run-rate cost synergies from manufacturing efficiencies, purchasing improvements, reduced overhead, and other areas. Dream Finders expects the deal to be double-digit percentage accretive to earnings per share in the first year. Financing will come from existing capital and committed financing from Goldman Sachs, Bank of America, and affiliates of Kennedy Lewis Asset Management. The boards of both companies unanimously approved the transaction, which is expected to close in the fourth quarter of 2026, subject to Beazer shareholder approval and regulatory approvals. Dream Finders reaffirmed its 2026 outlook of approximately 9,250 home closings, excluding Beazer contributions. Beazer withdrew its financial outlook and canceled its earnings call. Financial advisors include Goldman Sachs, BofA Securities, Zelman Partners, and Vestra Advisors for Dream Finders, and JPMorgan Chase and Actis for Beazer.