News Desk

Lennar to Pay $5.7 Billion for CalAtlantic


Continued confidence in a robust US economy was reiterated by the announcement of the largest merger in the housing industry since the onset of the Great Recession. Miami-based Lennar Corp. agreed to buy CalAtlantic Group (formerly known as Standard Pacific Corp.) for $5.7 billion. If the transaction is approved by shareholders of both companies, the combined entity would become the nation’s largest home builder with revenues of $17 billion and a market capitalization of $18 billion. In addition, the new company would be one of the top three home builders in 24 of the top 30 markets nationwide.
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