The Japanese homebuilder deal hunt is picking up.

Sekisui House announced a $4.9 billion agreement on Thursday to buy MDC Holdings — a purchase that will help it meet a key target in its ambitions to diversify beyond Japan. It’s likely the biggest U.S. purchase of a homebuilder by a Japanese company, according to investment banker Margaret Whelan.

Asian buyers have been active in the U.S. homebuilding market for a decade, purchasing at least 29 builders or related companies in the country, according to Whelan, who founded Whelan Advisory.