ARLINGTON, VA–Lennar Corp. is acquiring the locally-based CalAtlantic Group in a deal valued at $9.3 billion, including $3.6 billion of assumed debt.
According to Lennar, the combined company will create the largest homebuilder in the US with the last twelve months of revenues more than $17 billion and an equity market capitalization of $18 billion. In addition, the combined company will control 240,000 home sites and will have 1,300 active communities in 49 markets across 21 states.
Under the deal, each share of CalAtlantic stock will be exchanged for 0.885 shares of Lennar Class A common stock. Based on the closing price of Lennar's stock on the NYSE on October 27, the implied value of the stock consideration is $51.34 per share, representing a 27% premium to CalAtlantic's closing price that same day.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
