Bovis agrees £1.1 billion GT deal

Bovis Homes has today agreed to buy Galliford Try’s Linden Homes and Partnerships and Regeneration businesses in a deal worth £1.075 billion comprising a combination of shares in Bovis and cash.

The deal, says Bovis, creates a top five national housebuilder with the capacity to deliver more than 12,000 homes per year over the medium term, and gives Bovis a key position in the high growth partnerships market. It also provides “highly complementary geographic footprints strengthening core areas for Bovis Homes and providing the opportunity to expand into attractive regions”

Greg Fitzgerald, ceo of Bovis, said: "This is an exciting and transformational opportunity to create a leading UK housebuilder with an enhanced customer proposition and the 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 …