Toll Brothers Acquiring California Builder

Horsham, PA, Nov. 7, 2013 -- Luxury homebuilder Toll Brothers is buying the homebuilding business of Shapell Industries Inc. for about $1.6 billion.

That follows the announcement earlier this week that Tri Pointe Homes Inc. would buy Weyerhaeuser Co.'s homebuilding business in a deal valued at about $2.7 billion.

Shapell builds luxury homes in the coastal markets of Northern and Southern California.