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US: Lennar and CalAtlantic agree on US$9.3b merger to form largest US homebuilder

By  |  October 30, 2017

Lennar and CalAtlantic Group have struck a US$9.3 billion deal, including debt, to create the nation’s largest homebuilder by revenues, the companies said Monday.

Miami, Florida-based Lennar, and CalAtlantic, headquartered in Arlington, Virginia, said the cash and stock transaction includes US$3.6 in net debt assumption and will create a combined company with a roughly US$18 billion market capitalization.

The combined entity would hold a top-three position in 24 of the 30 largest US metropolitan statistical areas, with approximately 240,000 homesites and approximately 1,300 active communities across 21 states, the companies said.

Lennar already has a large corporate footprint, building homes in California, Arizona, Florida, Tennessee, Virginia, Washington, Nevada and elsewhere, the company’s website shows. CalAtlantic builds homes in Illinois, Indiana, Delaware, Florida, South Carolina, North Carolina and other states, according to its corporate website.

Full Content: Yahoo

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