How the Lennar, CalAtlantic deal impacts the nation’s biggest markets

Once the acquisition is official, the combined company will be No. 1 builder in more than half of the top 30 MSAs.

By Brian Croce | Builder

Late last month, Lennar (NYSE: LEN and LEN.B) sent shock waves throughout the home building industry with the announcement that it plans to acquire CalAtlantic (NYSE: CAA) in a $9.3 billion deal—including a $3.6 billion net debt assumption. Under the terms of the deal, Lennar, the nation’s second-biggest builder in terms of closings, would acquire CalAtlantic (No. 5 in terms of closings) to create the country’s largest home building enterprise by revenue—$17.3 billion in 2016 revenues, according to our Builder 100 data.

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