Sekisui House, Ltd. (TSE:1928) entered into a definitive agreement to acquire M.D.C. Holdings, Inc. (NYSE:MDC) from BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc., Dimensional Fund Advisors LP, Larry Mizel, David Mandarich and others for $4.7 billion on January 18, 2024. As part of the agreement, MDC shareholders will receive $63 per share in cash. Sekisui House will acquire MDC in an all-cash transaction with an equity value of $4.9 billion. Funds for the acquisition will be secured primarily through borrowings from Group?s main banks. Closing of the acquisition is subject to certain conditions, including approval of the merger by MDC's stockholders, regulatory approvals and other customary conditions. The transaction is not subject to a financing condition. The merger agreement was unanimously approved by the Boards of Directors of both Sekisui House and MDC. Closing of the acquisition is expected in the first half of 2024.

Moelis & Company LLC and Mitsubishi UFJ Morgan Stanley Securities acted as financial advisors to Sekisui House. Hearthstone, Inc. acted as real estate advisor to Sekisui House. Morrison Foerster LLP is acting as a legal advisor to Sekisui House. Vestra Advisors, LLC acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to MDC. Brownstein Hyatt Farber Schreck, LLP acted as legal advisor to MDC.