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California Dreaming-Toll Brothers

In an effort to expand its presences in the lucrative California real estate market, the luxury homebuilder Toll Brothers Inc (NYSE:TOL) will acquire the homebuilding business unit of Shapell Industries for $1.6 billion. Shapell Industries is privately owned and has huge portfolios of land in wealth areas across California such as Orange County, Carlsbad, the Bay area, and the city of Los Angeles itself. Shapell is also a builder of luxury homes. Toll Brothers will receive 5,200 lots within those wealth areas of California. In addition, after the deal is finalized in the first quarter of 2014, Toll Brothers will sell $500 million worth land within those newly acquired lots. This is a smart move all around by Toll Brothers.