This morning, Toll Brothers (NYSE:TOL) announced it would buy the homebuilding business of Shapell Industries in a deal worth $1.6 billion as the company tries to strengthen its position in California's luxury market. Upon completion, the deal will add 5,200 lots to the company's California portfolio and is expected to close in the first quarter of 2014. To fund the transaction, Toll Brothers is selling approximately $500 million worth of land and has commenced a public offering of common stock. In early trading, shares of Toll Brothers were higher by more than 4%.
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