Taylor Wimpey finally sells North American assets
U.K. construction firm Taylor Wimpey found a buyer for its North American businesses after rumors of a sale emerged four months ago. Or, to be more exact, Taylor Wimpey found buyers. The U.S. homebuilding business, Taylor Morrison, is being sold to a private investment consortium for $995 million. Taylor Wimpey's Canadian homebuilding company, Monarch, is part of the deal. The investors are Fort Worth, Texas-based TPG Capital, Los Angeles-based Oaktree Capital Management and Canada-based JH Investments. The investors will break up the business for separate, independent management. "We’ve weathered the storm while remaining true to our core values," said Taylor Morrison CEO Cheryl Palmer. "We’ve pulled through with a structure that we feel is very viable in today’s market." The rumors first appeared in a HousingWire editorial published on Dec. 8. The transaction is contingent upon shareholder approval in the United Kingdom and must clear and regulatory hurdles. The transaction is expected to close by the end of May 2011. TPG currently manages ST Residential, a $4.5 billion portfolio of mortgage loans and REO assets previously owned by Corus bank. Write to Jacob Gaffney. Follow him on Twitter @JacobGaffney.