D.R. Horton, Forestar Group to merge under new $560m agreement
Forestar Group has accepted a $560 million majority acquisition bid from Texas-based homebuilder D.R. Horton, which in less than a week outbid a rival offer from Starwood Capital Group.
Under the terms of the deal, which is expected to close by the end of this year, D.R. Horton will acquire 75 percent of Forestar.
Forestar will continue to run its residential and mixed-use real estate development operations from Austin. It will be led by former D.R. Horton CEO Donald Tomnitz and members of the current Forestar Group management team.
Forestar previously announced that it had entered into a merger agreement with Starwood on April 13, 2017.