Dream Finders buys Beazer Homes for $2.2 billion

Dream Finders Homes will buy Beazer Homes for $2.2 billion in cash, creating the sixth-largest homebuilder in the U.S. The deal values Beazer shares at $33.50 each, about 0.8 times their book value. It’s expected to close in late 2026, pending shareholder and regulatory approvals.

The merger combines two builders with different strengths. Dream Finders operates mostly in fast-growing Southern markets, while Beazer has a broader footprint across 26 states. Together, they’ll serve 520 communities and reach 26 of the top 50 U.S. metro areas. Dream Finders says the deal will cut costs by over $100 million a year through better purchasing and streamlined operations. It also expects earnings per share to jump by double digits in the first year after closing.

The purchase is fully funded with cash and loans from Goldman Sachs, Bank of America, and Kennedy Lewis Asset Management. Dream Finders insists it will return to its target debt levels within two years. It also kept its 2026 forecast unchanged at about 9,250 home sales, not counting Beazer’s business after the deal.

Wall Street took the news in stride. Dream Finders’ stock slipped 0.7% in pre-market trading, while Beazer’s stayed flat at $33.50, matching the deal price. Neither company changed its full-year outlook yet, though Beazer pulled its financial guidance and canceled an earnings call. The merger still needs shareholder votes and regulatory sign-off, but if it goes through, it will reshape the U.S. homebuilding industry.