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Robert Toll

Toll Brothers to Buy Shapell Homes for $1.6B

Toll Brothers (NYSE:TOL) is set to buy Shapell Homes for $1.6 billion in cash, a deal that will expand the luxury homebuilder's footprint in California.The Shapell Industries unit has built more than 70,000 homes since its founding in 1955. It owns roughly 5,200 plots in Los Angeles, Orange County, Carlsbad and the San Francisco Bay area.Horsham, Pa.-based Toll Brothers plans to sell up to $500 million worth of land it acquires in the deal, which will be paid for in debt and equity. New equity will cover about 10% to 15% of the total price, and on Thursday, Toll Brothers announced an offering of 6.25 million shares.The company said it believes the lot sales and delivery of existing backlog will give Toll Brothers a "significant return of its investment within 18 months."Toll Brothers currently offers homes in nine communicates in affluent coastal California markets. Those homes are priced at an average of roughly $1 million.The acquisition of Shapell Homes will give Toll Brothers a tot...

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