Skyline Champion rises on deal to acquire private Regional Homes

Champion Homes

28/08/2023 17:36

** Shares of factory-built housing producer Skyline Champion
 SKY.N  gain 5.1% to $66.4 
    ** Stock on track to record best day of percentage increase
since Feb 2023  
    ** SKY, owner of Champion Home Builders, to acquire
privately-held Regional Homes in a cash and stock deal valued at
$328 mln, including debt of $130 mln
    ** Co expects to fund deal with cash on hand and $30 mln
worth of its new issued common stock
    ** Deal to strengthen the co's presence in Alabama and
Mississippi housing markets
    ** Transaction expected to close in Q3 
    ** SKY up 29.3% YTD 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))