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Lennar Inc buys Florida-focused rival for US$643mln

Thursday, September 22, 2016 5:25
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(Before It's News)

US housing giant Lennar Inc (NYSE:LEN) is buying rival WCI Communities Inc (NYSE:WCIC) for US$643mln, boosting the latter’s shares.

Stock in WCI rose 37% in pre-market trade after Lennar agreed to pay US$23.50 per share for WCIC on a 50/50 cash and share basis.

Lennar said the deal would allow it to capture more of the market in homeowners upgrading to bigger properties.

Chief executive Stuart Miller said WCI’s land portfolio would fit well with its own business in Florida.

“Our combined presence in the premier coastal Florida markets will drive growth,” he said.

Story by ProactiveInvestors

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