NEW YORK, May 23 (Reuters) - KB Home (KBH.N: Quote, Profile , Research) said on Wednesday it had agreed to sell its 49 percent stake in its French unit Kaufman & Broad (KBH.PA: Quote, Profile , Research) to private equity firm PAI Partners for 55 euros per share.
The purchase price consists of 50.17 euros per share in cash to be paid by PAI to KB Home after payment of a cash dividend of 4.83 euros per share by Kaufman & Broad.
The transaction is expected to close during KB Home's third fiscal quarter.
