Standard Pacific Buys Westfield Homes

Irvine-based Standard Pacific Corp., one of the nation’s largest home builders, completed its acquisition of closely held Westfield Homes USA Inc.

Standard Pacific said it paid $56.5 million in cash and stock and assumed about $46 million in debt. Terms were initially set at $59 million in cash and stock and the assumption of $50 million in debt.

Standard Pacific shares closed at $26.42 on the NYSE, up 32 cents.