Taylor Wimpey Sells North American Units For $955M

Law360, New York (March 31, 2011, 12:06 PM EDT) -- U.K. homebuilder Taylor Wimpey PLC will sell its North American businesses to private equity firm TMM Holdings Limited Partnership for £595 million ($955 million), the company announced Thursday.

TMM Holdings — controlled by investment funds affiliated with TPG Capital, Oaktree Capital Management LP and JH Investments Inc. — will take control of Taylor Wimpey's U.S. operation, Taylor Morrison, and its Canadian business, Monarch Homes.

The deal, which still has to be approved by company shareholders and various competition authorities, is expected to close near the end...
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