Taylor Wimpey has sold its North American business which trades under the Taylor Morrison and Monarch branches for $1bn (£624m) to TMM Holdings Limited Partnership, ending months of speculation.
The sale price is at the top end of what the housebuilder had expected. It is thought the company will split the proceeds and use half as firepower to invest in land and acquisitions and the rest to pay down some of its £660m debt. The shares closed down 0.66p at 40.62p.
01/04/11 Financial Times 16, 18
Times 59
Daily Telegraph B2, B7
Independent 36, 38
