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D.R. Horton announces acquisition of Vidler Water Resources

America’s builder, D.R.Horton Inc (NYSE: DHI), announced a purchase agreement whereby it’ll acquire Vidler Water Resources (NASDAQ: VWTR). The two companies executed a definitive merger agreement whereby Horton will get Vidler Water Resources for about $15.75 per share. The deal is an all-cash transaction representing a 39% premium to Vidler Water’s book value of equity.

Vidler Water Resources owns a vast portfolio of water rights and several other water-based assets in the United States markets where Horton operates that need water for development. Vidler Water’s highly skilled and experienced management team is well known for accessing and developing premium water-related assets while navigating local rules and regulations.

Details of the agreement

According to the merger agreement, Horton, via its acquisition subsidiary, will provide a tender offer to get all of Vidler Water’s outstanding shares for about $15.75 per share. Once the tender offer has been successfully completed, Horton’s acquisition subsidiary and Vidler will merge. Vidler’s remaining shares will be cancelled.

After completing the deal, Vidler Water’s common stock won’t have a Nasdaq trading listing anymore. The transaction’s total equity value is roughly $291 million, and both parties expect to complete the agreement by the second quarter of 2022.

Horton, which was founded in Texas in 1978, operates in 102 markets across 32 states in the US. The company is engaged in the sale and construction of high-end homes via its vast brand portfolio that consists of Emerald Homes, Freedom Homes, Express Homes, and, of course, D.R Horton itself.

On the other hand, Vidler is a water storage and water resources company with operations and water-related assets mainly in the southwestern US regions. Its business is to provide, source, and develop sustainable water assets for communities that lack them.

The post D.R. Horton announces acquisition of Vidler Water Resources appeared first on Invezz.

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