The announcement of the conditional sale on 31 March has now been followed by the receipt of all the required regulatory and governmental approvals.
The US$1.2bn total proceeds of the sale include cash balances and additional funds invested into the business.
The company’s presence in North America dates back more than 70 years through predecessor companies. It has operations in both the USA, where it operates under the Taylor Morrison brand and in Ontario, Canada, where it operates as Monarch Homes.
“The sale of our North American business represents a very significant step towards our goal of becoming a UK focused homebuilder,” said group chief executive Pete Redfern. “We now have a strengthened balance sheet and increased financial capacity to invest in the UK and we are well positioned to deliver further margin improvement. I would like to reiterate the Board’s thanks to our employees in North America for their hard work, loyalty and commitment over many years and in relation to this transaction and wish them every success in the future.”