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Beazer Acquiring Crossmann Communities

ATLANTA-The locally based homebuilding Homes has signed a definitive agreement to merge with Crossmann Communities, an Indianapolis-based homebuilder. The stock and cash deal is worth $603 million, including debt.

By Mark Clothier | Updated on January 31, 2002

ATLANTA-Locally based Beazer Homes USA, Inc. and Crossmann Communities, Inc. have signed a definitive merger agreement. The agreement calls for Crossmann to merge into a wholly owned subsidiary of Beazer Homes.

The stock and cash transaction has a total value of $603 million, including assumption of debt. Crossmann shareholders receive a combination of cash and Beazer stock.

Crossmann, based in Indianapolis, IN, builds homes in 12 Midwest markets: Indiana, Ohio, Kentucky, Tennessee, North Carolina and South Carolina. During the year ended Dec. 31, 2001 Crossmann closed 5,924 homes and had total revenues of $798 million.

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