Weyerhaeuser Selling Homebuilding Division

Federal Way, WA, Nov. 4, 2013 -- Weyerhaeuser is selling its homebuilding division to Tri Pointe Homes in a $2.7 billion deal that will create one of the top 10 builders in the country, Reuters reported.

Private-equity backed Tri Pointe, whose largest brand is Pargee Homes, said the deal would give it control of about 27,000 lots in high-growth areas.

Weyerhaeuser shareholders will receive about $2 billion in Tri Pointe stock and will own 80.5% of the combined company.