Taylor Wimpey sells American arm

Taylor Wimpey is selling its North American business to an investment partnership for $955m (£594m).

Taylor Wimpey, Britain's second-largest home builder, said its US and Canadian subsidiaries were being sold to TMM Holdings, a limited partnership controlled by funds affiliated with TPG Capital, Oaktree Capital Management and JH Investments. The North American businesses are headquartered in Scottsdale, Arizona.

Taylor Morrison, the US company, is the country's ninth-largest home builder by revenue. The Canadian branch, Monarch Homes, operates mainly around Toronto.

Taylor Wimpey says it will use the proceeds to narrow its pension deficit and support operations in Britain.