William Lyon Homes and Polygon Northwest Company L.L.C. announced that they have entered into a definitive purchase agreement pursuant to which William Lyon Homes will acquire the residential homebuilding business of Polygon Northwest for a cash purchase price of approximately $520 million. The transaction marks the company's entry into the Pacific Northwest region, and is expected to close in the third quarter of 2014, subject to the satisfaction of certain closing conditions. Upon the closing of the transaction, it is anticipated that the acquired entities will begin operating as two new divisions of William Lyon Homes under the Polygon name, one in Washington with a core market of Seattle, and the other in Oregon with a core market of Portland.

The company also announced that Derek Straight, the existing President of Polygon's Washington operations, and Fred Gast, the existing President of Polygon's Oregon operations, will continue to run their respective divisions as newly appointed Division Presidents of William Lyon Homes, and will report to Matthew R. Zaist, President and Chief Operating Officer.