Bovis Homes Group PLC completed the acquisition of Galliford Try PLC's housebuilding units Linden Homes and Partnerships & Regeneration through a cash and shares deal valued at roughly £1.1 billion.
Under the terms of the deal, Galliford Try shareholders received 63,739,385 Bovis shares valued at 50 pence apiece. The deal also included debt transfer and a £300 million cash payment to Galliford Try.
Following completion, Bovis will change its name to Vistry Group PLC. The new branding will be used for the enlarged company's housebuilding and partnerships businesses.
Greg Fitzgerald, Bovish Homes CEO, said the combined businesses will have the capacity to construct more than 12,000 homes per year in the medium term.
Galliford Try will continue as a U.K.-listed construction group focusing on its main markets in building, highways and environment.
Bovis re-engaged in initial talks regarding a potential merger with Galliford Try's divisions in September 2019.
Lazard & Co. Ltd. was joint financial adviser to Bovis, along with Numis Securities Ltd., which also was the sole book runner and broker. Powerscourt was the PR adviser to Bovis, while Linklaters LLP provided legal advice.