Federal Way's Weyerhaeuser Co., which has been peeling off non-core businesses to return itself to its timber company roots, reportedly is near a deal to sell its homebuilding operation for $2.7 billion, Reuters reports.
Weyerhaeuser reported earlier this year that it was shopping its real estate and homebuilding operations.
Reuters reports the likely suitor is California's Tri Pointe Homes, a homebuilder backed in part by Starwood Capital's Barry Sternlicht's Starwood Capital Group. Tri Pointe builds homes in California and Colorado.
The acquisition, if it goes through, would greatly expand Tri Pointe both in sales and geographic reach. Weyerhaeuser of is one of the nation's top tier of homebuilders.
The deal could come together in a little as two weeks, the news service reported.
Tri Pointe isn't the only homebuilder interested in Weyerhaeuser's homebuilding operations.
Taylor Morrison Home Corp and Brookfield Residential Properties Inc, the land developer controlled by Brookfield Asset Management, are among the companies that have also been in talks with Weyerhaeuser about buying the division, Reuters reported.