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The Omaha conglomerate agreed to pay US$8.5 billion, including debt, for the Arizona-based homebuilder. Canadian CEO Greg Abel, who took over as Berkshire Hathaway CEO in January, said the deal is part of a plan to eventually unify its homebuilding businesses and encourage homeownership in the U.S. (The Logic)
Talking point: Abel’s housing plan is a first peek into how he plans to transform the company he took over from Warren Buffett. Buffett told CNBC that he did not talk to the Taylor Morrison CEO before the deal, indicating that Abel has truly “launched” as a chief executive. Berkshire Hathaway also owns Clayton, a prefabricated and modular homebuilder; the HomeServices brokerage; and building-product companies like Acme, Shaw flooring and Benjamin Moore paints. Taylor Morrison will keep its current leadership team but will stop trading on the New York Stock Exchange once the deal closes, likely in the second half of the year.
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