Dream Finders Homes is set to significantly expand its U.S. homebuilding business through a planned acquisition of Beazer Homes in a transaction valued at approximately $2.2 billion, including debt. The two companies announced a definitive merger agreement on August 7, 2026. Under the agreement, Dream Finders Homes will acquire Beazer Homes for $33.50 in cash per share. The deal gives Beazer an equity value of approximately $916 million.
The transaction is still pending and is expected to close in the fourth quarter of 2026, subject to approval from Beazer shareholders, regulatory clearances, and other customary closing conditions.
Dream Finders Offers $33.50 Per Beazer Share
Under the agreement, Beazer Homes shareholders will receive $33.50 in cash for each share they own. The transaction represents a significant increase from Dream Finders Homes’ earlier proposals to acquire the company.
Once the deal closes, Beazer Homes will become a wholly owned subsidiary of Dream Finders Homes. Beazer’s shares will no longer trade independently following completion of the transaction. The agreement follows discussions between the two homebuilders as Dream Finders sought to expand its scale and geographic presence in the U.S. housing market.
Deal Will Create the Sixth-Largest U.S. Homebuilder
The acquisition will substantially increase Dream Finders Homes’ size and market reach. The combined company is expected to operate across 26 markets and have approximately 520 active communities. It is also expected to generate about 13,000 annual home closings.
Based on 2025 revenue among U.S.-headquartered homebuilders, the combined business is expected to rank as the sixth-largest homebuilder in the country. For Dream Finders, the acquisition provides access to Beazer’s existing markets and communities while adding scale to its homebuilding platform. Beazer currently operates in 15 markets across 13 states. The companies expect their complementary geographic footprints to create opportunities to expand the combined business and improve operating efficiency.
More Than $100 Million in Expected Synergies
Dream Finders expects the combination to generate more than $100 million in annual run-rate cost synergies. The company also expects the acquisition to be double-digit percentage accretive to earnings per share in the first year after closing. These figures represent management’s expectations and depend on the successful completion and integration of the transaction.
The companies believe the larger platform can benefit from greater scale across purchasing, operations and other corporate functions. The deal also comes as U.S. homebuilders continue to navigate changing buyer demand, mortgage rates, construction costs and land expenses. Increasing scale can help builders spread certain costs across a larger operation while expanding their presence in multiple housing markets.
Financing Arrangements Support the Transaction
Dream Finders Homes has lined up financing commitments to support the acquisition. The financing arrangements include a $900 million 364-day senior unsecured bridge facility commitment from Goldman Sachs and Bank of America. Dream Finders also has commitments involving Kennedy Lewis Asset Management affiliates, including an $800 million land bank facility and a $450 million convertible preferred equity commitment.
Separately, Millrose Properties has committed to provide up to $1.25 billion in acquisition financing support connected with the transaction. These arrangements are designed to provide the financial resources needed to complete the acquisition and support the combined company’s land and homebuilding strategy.
Dream Finders Maintains 2026 Outlook
Despite pursuing the Beazer acquisition, Dream Finders has reaffirmed its standalone 2026 outlook for approximately 9,250 home closings. This outlook provides a view of the company’s existing business before considering the impact of the proposed Beazer transaction.
The acquisition would give Dream Finders additional communities and operations once completed, potentially increasing its scale beyond its current standalone business.
Beazer Acquisition Still Needs Approval
The transaction is not yet complete. Beazer Homes shareholders must approve the merger, while the companies must also satisfy applicable regulatory requirements and other closing conditions. Dream Finders and Beazer currently expect the deal to close during the fourth quarter of 2026. Until the transaction closes, both companies will continue operating as separate businesses.
If completed as planned, the acquisition will represent a major expansion for Dream Finders Homes and create a much larger U.S. homebuilding platform. The combined company would have a broader geographic footprint, approximately 520 active communities and around 13,000 expected annual home closings.
For Beazer shareholders, the agreement provides a cash consideration of $33.50 per share. For Dream Finders, the transaction represents a strategic move to increase scale, enter additional markets and pursue more than $100 million in expected annual run-rate cost synergies.
