D.R. Horton, Inc. (NYSE: DHI), the country’s largest homebuilder, announced on Thursday that it had agreed to buy publicly traded Vidler Water Resources Inc. (Nasdaq: VWTR) in an all-cash deal valued at $291 million, according to a news release announcing the transaction.
Under the terms of the agreement, D.R. Horton, through its directly owned acquisition subsidiary, will make a tender offer to acquire all outstanding shares of Vidler for $15.75 per share.
The transaction is expected to close during the second quarter.
Vidler, based out of Carson City, Nevada, owns a portfolio of premium water rights and other water-related assets in the southwestern United States in markets where D.R. Horton operates that require water for development but face a lack of adequate supply.
Vidler will operate as a separate division within D.R. Horton.
D.R. Horton, founded in 1978 in Fort Worth, has operations in 102 markets in 32 states across the United States and closed 81,622 homes in 2021 with revenue totaling more than $27 billion in FY2021.
The company also constructs homes under the Emerald Homes, Express Homes, and Freedom Homes brands.