Dream Finders Homes, Inc. closed its cash purchase of Beazer Homes USA, Inc. on Oct. 20, entering four more states through a deal it put at about $2.2 billion in enterprise value.
Eligible Beazer shares converted into the right to receive $33.50 in cash, subject to withholding, the company said in a Form 8-K filed with the SEC. Beazer became a Dream Finders subsidiary, and its stock stopped trading on the New York Stock Exchange before the Oct. 20 market open.
The closing followed shareholder approval on Oct. 15. Dream Finders said the combined business ranks sixth among U.S.-headquartered homebuilders based on calendar 2025 revenue. Beazer’s operations bring the buyer into California, Nevada, Indiana and Delaware, states where Dream Finders had not previously operated.
Beazer said it repaid amounts owed under its credit agreement and terminated the agreement. Dream Finders also had funds irrevocably deposited with a trustee to finance the redemption of Beazer’s $350 million principal balance on its 7.250% senior notes due in 2029. The filing did not establish that noteholders had received the redemption payment.
Beazer’s directors resigned at closing and were replaced by directors of the acquisition subsidiary, while its officers remained in their positions. Beazer also asked the exchange to begin the process of removing its shares from listing.
Dream Finders CEO and co-chairman Patrick Zalupski said the company intends to introduce its floor plans in Beazer communities. He described the deal as Dream Finders’ ninth acquisition since its 2021 initial public offering and its largest. The company has said greater scale and lower construction costs are among the benefits it expects from the combination.
Co-chairman Rick Beckwitt said Dream Finders expects annual cost synergies at a run rate exceeding $100 million. The company also expects the acquisition to increase earnings per share by a double-digit percentage in its first year. Beckwitt said Dream Finders aims to return to and improve its current leverage metrics within 18 to 24 months.
Beazer’s filing says the formal delisting takes effect 10 days after Form 25 is filed with the SEC.
