TRI Pointe Homes Completes $2.8 Bln Merger With Weyerhaeuser Real Estate

(RTTNews) - TRI Pointe Homes Inc (TPH) said Tuesday its Reverse Morris Trust transaction with Weyerhaeuser Co (WY) has closed. The transaction has resulted in the merger of TRI Pointe with Weyerhaeuser's homebuilding subsidiary, Weyerhaeuser Real Estate Co.

The transaction is valued at approximately $2.8 billion and positions TRI Pointe as one of the top 10 largest public homebuilders in the United States by equity market capitalization based on the closing price of TRI Pointe common stock on July 3rd, 2014.

As a result of the merger, TRI Pointe's land inventory has increased to approximately 31,000 owned or controlled lots with more than 19,000 of those lots located in entitlement-constrained California. The additional land holdings provide the necessary land supply and diversification for future land and lot sales as well as increased home deliveries.