Cravath Guides Toll In $1.6B Shapell Homebuilding Unit Buy

Law360, New York (November 7, 2013, 2:23 PM EST) -- Toll Brothers Inc. on Thursday said it will put up $1.6 billion to swallow the homebuilding unit of Shapell Industries Inc., giving it a bigger slice of California's robust luxury housing market and marking the sector's second big-ticket deal of the week.

The transaction comes amid a wave of consolidation among homebuilders. Key industry players are jockeying for business in growing markets and aiming to cash in on the housing recovery that so far has buoyed construction companies and others with close ties to the real...
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