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With closure of $9.3B deal, Lennar becomes nation’s largest homebuilder

With closure of $9.3B deal, Lennar becomes nation’s largest homebuilder

Lennar Corp. has reclaimed its spot as the nation’s largest homebuilder after completing the acquisition of CalAtlantic Group.

Miami-based Lennar (NYSE: LEN) and Virginia-based CalAtlantic (NYSE: CAA) both received shareholder approval for the merger on Monday. The companies said the deal will be effective at 11:59 p.m. Over 99% of shareholders at each company approved the deal.

The deal is valued at $9.3 billion, including $3.6 billion in debt. Each share of CalAtantic may be exchanged for either…

Source: http://feeds.bizjournals.com/industry_21

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