Lennar Corp. has plans to acquire rival CalAtlantic to create the largest homebuilder in the United States. The total value of the stock-and-cash deal, including debt of $3.6 billion, is about $9.3 billion.
CalAtlantic investors would own approximately 26 percent of the combined entity upon the deal's expected closing in the first calendar quarter of 2018.
The deal is contingent on approval by Lennar and CalAtlantic shareholders. Lennar CEO Stuart Miller and the Miller Family Trusts have agreed to vote their 41.4 percent stake of Lennar stock in favor of the deal. MP CA Homes LLC, an affiliate of Matlin Patterson Global Opportunities Partners III, similarly has agreed to vote its 25.4 percent stake in CalAtlantic in favor of the deal, the companies said.
Lennar Corp. is based in Miami and CalAtlantic Group Inc. is based in Arlington, Va.
The most recent data from the Commerce Department last week showed that nationwide sales of new homes leaped 18.9 percent in September to a seasonally adjusted annual rate of 667,000, the highest level since October 2007, according to Reuters.
