British housebuilder Barratt Developments has agreed to acquire peer Redrow for $3.2 billion.
Barratt developed BDEV;
It has agreed to acquire small home builder Redrow RDW.
Total share transactions amounted to 2.52 billion pounds ($3.17 billion).
Under the agreement to accept shareholders of FTSE 250-listed Redrow will receive 1.44 new Barratt shares for each share held. The offer value represents a 27% premium to Redrow’s closing price on Tuesday of 600 pence.
Once the transaction is completed, Redrow shareholders will own 32.8% of the combined group, with Barratt shareholders owning the remainder.
“Directors Barratt and Redrow believe that this combination will create a UK housebuilder that excels in quality, service and sustainability, delivering excellence and driving innovation for its customers, employees, subcontractors and supply chain,” the company said. said. Joint statement.
Write to Ian Walker at ian.walker@wsj.com.
