LV homebuilders in merger

Monday, Feb. 21, 2000 | 11:13 a.m.

Miami-based homebuilder Lennar Corp. is buying U.S. Home Corp. of Houston for $476 million.

Lennar is the fifth largest homebuilder in America, while U.S. Home is the nation's eighth largest homebuilder. Both companies will continue to build homes under their respective names.

In 1999, U.S. Home closed on 278 homes in metropolitan Las Vegas. For the year ending Nov. 30, 1999, Lennar's Nevada/Arizona division delivered 1,510 homes. In Las Vegas, Lennar operates under the name Greystone Homes.

Under the agreement announced last week, U.S. Home shareholders will receive $36 per share, with 50 percent paid in cash and 50 percent in Lennar Corp. common shares. The two companies had combined revenues of $4.9 billion last year, and built a total of 21,600 homes nationwide.

The new company will operate in 11 states. The transaction is expected to close in May 2000 pending regulatory and shareholder approval.

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