Brief: Saxton identifies firm it's buying

Saxton said Thursday it signed a definitive agreement to acquire Diamond Key Homes Inc., a Phoenix and Tucson entry-level homebuilder with some $25.6 million in assets, stockholders' equity of about $7.9 million and revenues of about $30.6 million for the first eight months of 1998.

The price is about $11.1 million to be paid in cash at closing and an additional $2 million to be paid in cash and stock one year after closing.

Saxton said it's arranging financing for the deal and that Larry Clark, the founder and sole stockholder of Diamond Key, will continue to manage the firm.

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