Toll Brothers to buy Shapell Homes for $1.60 bln

Wednesday, 6 Nov 2013 | 11:18 PM ET

Nov 6 (Reuters) - Luxury homes builder Toll Brothers Inc said it will buy the home building business of Shapell Industries Inc for about $1.60 billion in cash, to expand its presence in California.

Shapell's land portfolio, which Toll Brothers is acquiring, consists of about 5,200 home sites, the company said in a statement.

(Reporting by Sakthi Prasad in Bangalore; Editing by Supriya Kurane)

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