Dream Finders Homes to Buy Beazer Homes in $2.2 Billion Cash Deal
The acquisition will create the sixth-largest U.S. homebuilder by revenue, with Dream Finders targeting double-digit EPS accretion in the first full year.
Dream Finders Homes, Inc. (DFH) agreed to acquire Beazer Homes USA, Inc. (BZH) in an all-cash transaction valued at approximately $2.2 billion.
Under the terms of the definitive agreement, Beazer shareholders will receive $33.50 per share in cash. The transaction represents an implied purchase price-to-book multiple of 0.8x. The deal is subject to regulatory approval, stockholder approval, and other customary closing conditions, with an anticipated close in the fourth quarter of 2026.
The combination will create a scaled national homebuilder with complementary footprints and a clear path to accelerated growth. The deal is expected to generate significant synergies and be double-digit percentage accretive to earnings per share in the first full year post-close. Patrick Zalupski, Founder, CEO, and Co-Chairman of Dream Finders, stated that the merger would broaden the combined company's ability to serve buyers at every life stage, from entry-level homes to move-up communities.
Beazer Homes is a national homebuilder operating in 15 markets across 13 states, specializing in personalized homebuilding, land development, and homebuyer financing. The company reported a net loss of $4.2 million for the third quarter of fiscal 2026, with homebuilding revenue of $490.9 million, down 8.3% year-over-year.
Upon completion, the combined entity will operate in 26 markets with approximately 520 active communities across the Southeast, Mid-Atlantic, Texas, the West, and the Midwest. The merger is expected to produce over $100 million in annual run-rate cost synergies.
Dream Finders will fund the acquisition through committed financing from Goldman Sachs, Bank of America, and affiliates of Kennedy Lewis Asset Management. As part of the strategy to maintain a land-light model, Kennedy Lewis will acquire land assets at closing. While there will be an initial uptick in leverage, the company committed to returning to or improving current leverage metrics within 18 to 24 months.