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Gloucestershire Business News

Bovis Homes agrees to buy rival in £1.1billion deal

Bovis Homes have shaken hands with Galliford Try on a £1.1billion deal to acquire Linden Homes.

The deal will see Bovis Homes, which has a regional base in Bishop's Cleeve near Cheltenham, become one of the top five housing developers in the country.

In announcement this morning, Bovis revealed details of the £1.08billion deal that will see cash and shares traded.

Galliford Try will receive a £675million stake in Bovis, with the balance of the deal paid in cash and a debt transfer.

Bovis say the deal will make it a "top five national housebuilder with the capacity to deliver more than 12,000 homes per year over the medium term.

Agreed at board level, Bovis Homes will issue a shareholder circular to convene a general meeting to approve the deal on December 2.

Bovis Homes CEO Greg Fitzgerald said: "This is an exciting and transformational opportunity to create a leading UK housebuilder with an enhanced customer proposition and ability to increase delivery to more than 12,000 new homes per year.

"The combination with Galliford Try Partnerships gives Bovis Homes a market-leading position in the high growth, more resilient partnerships market, with significant potential to increase revenue and profit while delivering more affordable homes at a time when they are needed more than ever.

"I am very focused on successfully integrating these businesses in early 2020 with strong management across all business areas, and on delivering the clear benefits from the combination including at least £35million of synergies as quickly as possible.

"Over the past few years we have worked hard to ensure the customer is central to everything we do. As s combined business this commitment to delivering high levels of build quality and customer satisfaction will remain a core objective."

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