Acquisition Completed: Pacific Greystone Corp. said Monday...

Acquisition Completed: Pacific Greystone Corp. said Monday that it has completed its previously announced acquisition of A-M Homes, a Santa Barbara-based residential builder with a major operating arm in Orange County.

Though terms of the deal were not disclosed, industry sources have said the year-old Pacific Greystone, based in Burbank, was expected to pay about $50 million in cash and stock and to assume $40 million in A-M debt.

A-M was sold by Jennings Group Ltd., Australia’s largest residential builder, and by co-founders James B. (Bart) Arujo and Michael Muench, who owned 20% of the company. Jennings becomes a minority owner of Pacific Greystone as part of the deal.