Meritage to Buy Homebuilder's Assets

Meritage Corp., a homebuilder based in Scottsdale, Ariz., and Dallas, has agreed to acquire the homebuilding assets of Citation Homes of Southern California, a privately held builder of single-family homes.The terms of the deal were not disclosed. Meritage said Citation closed 149 homes in 2002 at an average selling price of about $262,000. Citation president Scott Allen will remain with the company as division president. "Citation is a strong cultural fit with Meritage and provides us with an entry into the Los Angeles metro area, with an emphasis in the fast-growing Inland Empire region," said Steve Hilton, co-chairman and co-chief executive officer of Meritage. The company can be found online at http://www.meritage.com.