Pulte Homes to buy Centex for $1.3B

Pulte Homes Inc. has agreed to buy fellow homebuilder Centex Corp. in a stock swap valued at $1.3 billion. The acquisition also includes net debt of $1.8 billion, giving the entire transaction a cost of $3.1 billion.

Under the terms of the agreement, Centex shareholders will receive 0.975 shares of Pulte common stock for each share of Centex they own. The deal, which is scheduled to be completed in the third quarter of this year, would create the nation’s largest homebuilder and affect almost three dozen projects in the Washington area.

Bloomfield Hills, Michigan-based Pulte (NYSE: PHM) and Dallas, Texas-based Centex (NYSE: CTX) announced the transaction Wednesday, it should allow for $350 million in annual cost savings and the retirement of $1 billion o debt by the end of 2009. The boards of both companies unanimously approved the merger.

Read Full Article from Bizjournals.com

- Posted: 2009-04-08 07:52:11

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