Standard Pacific to Acquire Colony Homes

Standard Pacific Corp., which builds houses in major metropolitan areas in the West and Southwest, plans to buy Colony Homes for about $29 million in cash and stock to expand into Florida.

Closely held Colony Homes, based in Orlando, Fla., owns and controls more than 2,300 lots and had 2001 revenue of $42 million. Shares of Irvine-based Standard Pacific fell 39 cents to $29.20 on the NYSE.