Tri Pointe Homes Inc., a developer backed by investor Barry Sternlicht, agreed to buy Weyerhaeuser Co.’s residential real estate unit in a transaction valued at about $2.7 billion.

The deal will be structured as a tax-free Reverse Morris Trust, Weyerhaeuser said today in a statement. Weyerhaeuser shareholders will receive 130 million shares, which is 80.5 percent of the combined company, while Irvine, California-based Tri Pointe, a residential-property developer, will get 19.5 percent. Weyerhaeuser, a Federal Way, Washington-based owner of U.S. timberlands, will also receive about $700 million in cash.

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