L&G to Sell UK Builder to Sixth Street in £1.35 Billion Deal [Yahoo! Finance Canada]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- British financial-services firm Legal & General Group Plc agreed to sell homebuilder Cala Group to alternative-asset managers Sixth Street Partners and Patron Capital. Most Read from Bloomberg The deal will give Cala an enterprise value of £1.35 billion ($1.8 billion) and result in cash proceeds of £1.16 billion, L&G said in a statement on Wednesday. The London-based insurer will use the sale's proceeds primarily for its own growth and will also consider using them to buy back shares. Shares of L&G dropped as much as 2.1% in early London trading with RBC analyst Mandeep Jagpal pointing out in a note that only £500 million of the consideration will be paid upfront. The deal comes as the UK housing market is showing signs of revival on expectations the Bank of England will reduce interest rates further after cutting the benchmark last month for the first time in more than four years. The newly elected Labour government has also promised to fix an acute housing sh
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