REAL ESTATE

Kaufman & Broad to Buy Texas Home Builder: The Los Angeles-based residential builder agreed to buy Rayco Ltd. of San Antonio for about $110 million in cash and the assumption of debt. The acquisition includes the title, mortgage and brokerage affiliates of privately held Rayco, the largest home builder in San Antonio, with annual revenue of $235 million. Rayco built more than 2,500 homes in the previous fiscal year. The deal, which is expected to be completed by Feb. 29, would dramatically expand Kaufman’s presence in Texas, where it currently owns property in the Dallas area. Kaufman has 13 operating divisions in California, Arizona, Nevada, New Mexico, Colorado and Utah. It has an 8% share of the California market.