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Toll Bros. to buy Shapell Industries' home building unit
Toll Bros. to buy Shapell Industries' home building unit

Looking to cash in on a rebounding housing market, a Pennsylvania home building giant has agreed to pay $1.6 billion for the luxury home building business of Shapell Industries Inc., the Beverly Hills firm behind more than 70,000 homes throughout California. Toll Bros.' deal would significantly boost the Horsham, Pa., company's land holdings within the California market at a time when builders frequently cite the lack of buildable lots as a key impediment to ramping up construction. "The Shapell acquisition adds meaningfully to our position in premium coastal locations and will immediately ramp up our California operations," Toll Bros. Chief Executive Douglas C....

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