IRVINE, CA—Two California-based home-builders, Standard Pacific Corp. and Ryland Group Inc. are merging to create a firm with activities in at least 17 states.
The firms told the Associated Press Sunday that their boards of directors had unanimously agreed to go forward with what they called a merger of equals, noting that the merged company would have that would have a market capitalization of about $5.2 billion.
The deal is the first big consolidation move in many years among publicly traded homebuilders, the AP says.
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