Japan's Sekisui House to buy US housebuilder MDC for $4.9bn

Under the terms of the agreement, MDC shareholders will receive $63.00 per share, which is a premium of around 19% to the closing share price on Wednesday.

Once the deal completes, Sekisui will become the fifth largest housebuilder in the US, helping it to achieve its target of supplying 10,000 homes outside of Japan by FY2025 sooner than anticipated.

Yoshihiro Nakai, representative director of the board president, executive officer and CEO of Sekisui House, said: "This exciting acquisition of MDC represents a significant advancement of the Sekisui House strategy to expand our US presence and bring the value of our technology, innovation and philosophies to US homebuilding and ultimately to our customers.

"This transaction directly aligns with our stated strategy for growth in North America and will create a more resilient portfolio for Sekisui House."

David Mandarich, president, CEO and director of MDC, said: "As part of Sekisui House's US family of brands, we expect new opportunities for growth across our footprint for our team members and within our customer offering.

"Sekisui House and its brands are well respected with a reputation for quality, and we look forward to becoming an important part of the portfolio."