Lennar, CalAtlantic strike deal to create largest U.S. home builder

Combined company will be one of the top three home builders in 24 of the top 30 U.S. markets

By Cara Lombardo | The Wall Street Journal

Lennar Corp. LEN -2.43% will buy CalAtlantic Group Inc. CAA +22.87% in a $5.7 billion deal, that will create the country’s largest home builder by revenue, the companies said Monday.

Under the terms of the agreement, each CalAtlantic share can be exchanged for 0.885 shares of Lennar stock. That represents a 27% premium on CalAtlantic’s shares, based on Friday’s closing price.

The total transaction value of $9.3 billion reported by the companies includes $3.6 billion of net debt assumed.

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October 30, 2017

CalAtlantic, home builder, Lennar Corp

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