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Starwood Capital Group has entered into a definitive merger agreement with Austin, TX-based Forestar Group Inc. to acquire outstanding shares of the company for $14.25 per share, in cash. The total transaction equity volume will be approximately $605 million when the deal closes in Q3 2017.
Forestar is a residential and mixed-use real estate development company. At the end of 2016, the company owned directly, or through ventures, interests in 50 residential and mixed-use projects in 10 states and 14 markets. Additionally, the company’s non-core assets include mineral assets, timberland and undeveloped land, as well as multifamily assets.
Forestar’s developments include the master-planned, 2,100-acre Cibolo Canyons in San Antonio, and the 200-acre Barrington Kingwood in Kingwood, TX.
JMP Securities LLC was Forestar’s financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP was the company’s legal advisor. Kirkland & Ellis LLP acted as legal advisor to Starwood.
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