Dream Finders Signs $2.2B Deal to Buy Beazer Homes

Dream Finders Homes and Beazer Homes signed a definitive merger agreement on August 6, with Dream Finders paying $33.50 a share in cash for Beazer in a deal the companies value at $2.2 billion including assumed debt. The combination creates what the companies call the nation’s sixth-largest homebuilder, closing out the takeover contest that began as a private courtship in May.

The agreement, disclosed in Dream Finders’ August 7 Form 8-K, values Beazer’s equity at $915 million and carries no financing condition. Both boards approved the deal unanimously, and the combined company, run out of Dream Finders’ Jacksonville, Florida headquarters, will operate about 520 active communities across 26 markets.

Why it matters

For builders competing on the ground, this is a land-acquisition story before it is a stock story. A sixth-largest builder assembled from two national platforms consolidates lot pipelines and land options across dozens of national markets at once, meaning smaller and mid-size builders now bid against a bigger, better-capitalized buyer for dirt in every one of those markets simultaneously. Dream Finders CEO Patrick Zalupski called the deal “the next meaningful step in our journey to become a top 5 national homebuilder, expanding our geographic reach,” language that signals more consolidation, not less, is coming for anyone competing with Dream Finders for land.

The numbers

Dream Finders will pay $33.50 in cash for each Beazer share, without interest, a deal the companies value at $915 million in equity and $2.2 billion including debt assumption. The merger agreement sets a termination fee of $31.3 million that Beazer would owe Dream Finders if its board accepts a superior proposal or withdraws its recommendation before shareholders vote. The deal’s outside date is February 6, 2027, automatically extended to May 6, 2027 if needed to clear antitrust review.

What’s next

Beazer must file a proxy statement with the SEC within 20 business days and hold a special shareholder vote; a majority of outstanding Beazer shares must approve the merger. Closing also requires the expiration of the Hart-Scott-Rodino antitrust waiting period and no material adverse change at either company. Both companies are targeting a close in the fourth quarter of 2026, with Beazer becoming a wholly owned subsidiary of Dream Finders.