Benzinga | Aug 12, 2021 07:17AM EDT

Toll Brothers Acquires Las Vegas Based StoryBook Homes For Undisclosed Sum

* Luxury home builder Toll Brothers Inc (NYSE:TOL) has acquired StoryBook Homes, a privately-held homebuilder based in Las Vegas, Nevada, for an undisclosed sum.

* Toll Brothers expects the deal to strengthen its position in the Las Vegas market.

* Founded in 2003 by Wayne Laska and his wife Catherine Laska, StoryBook Homes has built over 1,700 homes in Las Vegas since its inception.

* StoryBook's founders and employees will remain with the company and continue to operate new home communities under the StoryBook Homes brand.

* Janet Love, current President of StoryBook Homes, will assume the role of Division President of StoryBook Homes as a division of Toll Brothers.

* Toll Brothers held $714.9 million in cash and equivalents as of April 30, 2021.

* Price Action: TOL shares closed higher by 3.86% at $60.54 on Wednesday.