New Delhi, June 1 -- Berkshire Hathaway has agreed to acquire Taylor Morrison Home Corporation in an $8.5 billion all-cash transaction, its first announced takeover since Warren Buffett stepped down as chief executive, as the conglomerate begins to deploy a fraction of its record cash reserves into the US housing market.

The deal, announced on Sunday in a joint statement, will see Berkshire pay $72.50 per share for the Scottsdale, Arizona-based homebuilder, a premium of approximately 24 per cent to Taylor Morrison's closing price of $58.50 on Friday. The equity value of the transaction stands at $6.8 billion, with the total enterprise value reaching $8.5 billion.

The acquisition extends Berkshire's presence in residential construction w...