Builder, water broker merging in $291 million deal

A water broker holding nearly 900-acre-feet of Carson Valley surface water rights is merging with a national builder in a $291 million deal announced on April 14.

Vidler Water Resources Inc. purchased most of the 874-acre-feet of East Fork water rights from Carson Valley ranches that were under development.

The oldest rights predate Nevada’s statehood, according to a review of filings with the Douglas County Recorder’s Office by The Record-Courier.

Vidler purchased most of the rights between 2007-2009.

They also helped finance a pipeline carrying Minden water north to Johnson Lane, Indian Hills and Carson City by purchasing 1,613-acre-feet a year of ground water in 2009.

Builder DR Horton Inc. will pay $15.75 a share in the all-cash transaction with Vidler.

“Vidler owns a portfolio of premium water rights and other water-related assets in the southwestern United States in markets where D.R. Horton operates that require water for development but face a lack of adequate supply,” officials said. “Vidler’s highly experienced management team has a proven track record of accessing, developing and realizing value for premium water assets while expertly navigating local regulations and working with governmental entities.”

Post-closing, Vidler will operate as a separate operating division within D.R. Horton.

Following completion of the merger, the common stock of Vidler will no longer be listed for trading on the Nasdaq.