The California Public Utilities Commission has approved transferring indirect control of Valencia Water Co., a wholly owned subsidiary of California-based Newhall Land, to the Lennar/LNR entity. This decision had previously been postponed from Dec. 18 until Jan. 22. The merger is expected to close by Feb. 2, subject to customary closing conditions.

LNR Property Corp. is a national, diversified real estate investment, finance and management company. Lennar Corp. is a national homebuilder formed in 1954. Newhall Land is a community planner in north Los Angeles County whose main focuses are planning communities in Valencia and on Newhall Ranch. Together these two, located on the company's 34,000 acres, 30 miles north of downtown Los Angeles, form a valuable landholding.