[KHTS] – Santa Clarita’s second largest developer, Pardee Homes, was sold to Tri Pointe Homes recently as part of the “biggest in homebuilding industry history,” the buyer announced.

Tri Pointe now owns Pardee Homes through its purchase of Weyerhaeuser Co, since Pardee Homes is a wholly owned subsidiary of Weyerhaeuser Corp., according to officials.

Pardee Homes is responsible for the Fair Oaks Ranch and Moorpark Highlands developments in the Santa Clarita Valley, as well as several others throughout the region.

All home-building companies “will continue to operate under their respective brand names,” according to Tri Pointe Homes.

Tri Pointe Homes Inc. officials announced their intent to buy Weyerhaeuser Co. in November for $2.8 billion. The deal was finalized July 8.

This purchase makes Tri Pointe Homes Inc. one of the 10 biggest U.S. home-builders, according to Tri Pointe officials.

“In the exchange offer, Weyerhaeuser shareholders had the option to exchange some, none, or all of their Weyerhaeuser common shares for WRECO common shares, subject to proration,” according to a Weyerhaeuser news release.

“As a result, Weyerhaeuser shareholders who tendered their Weyerhaeuser common shares as part of the exchange offer will receive approximately 2.2053 shares of TRI Pointe common stock for each Weyerhaeuser common share accepted for exchange,” writes Weyerhaeuser officials.

– Kimberly Beers