UK builder Taylor Wimpey exiting North America

AP News
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Posted: Mar 31, 2011 4:30 AM
UK builder Taylor Wimpey exiting North America

U.K. home builder Taylor Wimpey is selling its North American business to an investment partnership for $955 million.

Taylor Wimpey, Britain's second-largest home builder, said Thursday that its U.S. and Canadian subsidiaries were being sold to TMM Holdings, a limited partnership controled by funds affiliated with TPG Capital, Oaktree Capital Management and JH Investments. The North American businesses are headquartered in Scottsdale, Arizona.

Taylor Morrison, the U.S. company, is the country ninth-largest home builder by revenue. The Canadian branch, Monarch Homes, operates mainly around Toronto.

Taylor Wimpey says it will use the proceeds to narrow its pension deficit and support operations in Britain.

The sale is expected to close before the end of May, subject to regulatory approval.