Housebuilder Vistry said on Monday that it has agreed to buy Countryside Partnerships in a £1.25bn deal.
Under the terms of the acquisition – which has been recommended by the boards of directors of both companies – Vistry will pay 0.255 of a new Vistry share and 60p per share in cash. This represents a premium of around 9.1% to the closing Countryside share price on Friday.
Vistry chief executive Greg Fitzgerald said: “This proposed combination has a highly compelling strategic rationale. It will create a leader in the Partnerships housing sector, with the scale and expertise to accelerate profitable growth across both Partnerships and Housebuilding, and expand the delivery of much needed affordable housing across England.
“The proposed combination will add the strength of the Countryside brand to Vistry’s own well-established Bovis Homes and Linden Homes brands and will leverage the skills and market knowledge of both the Countryside and Vistry teams.”
