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News Summary: Tri Pointe, Weyerhaeuser in deal

The Associated Press

THE TRANSACTION: Tri Pointe Homes Inc. is combining with Weyerhaeuser Co.'s homebuilding business in a deal valued at about $2.7 billion.

THE TERMS: Weyerhaeuser will distribute ownership of Weyerhaeuser Real Estate Co. to its shareholders. That business will become a Tri Pointe subsidiary. Weyerhaeuser shareholders will receive approximately 80.5 percent of the combined company, with pre-transaction TRI Pointe shareholders owning the balance.

Certain Weyerhaeuser Real Estate assets won't be included in the transaction and will be kept by Weyerhaeuser.

THE CLOSING: The deal is targeted to close by the end of 2014's second quarter. It still needs approval from Tri Pointe shareholders.