Premier homebuilders Lennar and WCI Communities have taken the spotlight in the news recently. Lennar Corp., the second-largest homebuilder in the country, has agreed to buy WCI Communities for $643 million. WCI Communities is a well-known luxury homebuilder and lifestyle community developer with headquarters in Bonita Springs, Florida. This deal would merge two of the biggest homebuilders in Florida and expand Lennar’s operations in the state.
“Our agreement with Lennar testifies to the legacy and quality of our brand, the attractiveness of our homes and communities, and the talent of our team members,” said President and CEO of WCI Communities Keith Bass in a statement. “WCI Communities homebuyers and homeowners can expect a smooth transition and the continuation of the top-tier service they have come to expect from WCI.”
In the merger agreement, Lennar agreed to acquire all of the outstanding shares of WCI common stock in a cash and stock transaction valued at $23.50 per WCI share.
According to a statement released by WCI Communities, the transaction would include a portfolio of owned or controlled land that totals up to 14,200 home sites, which are predominantly located in coastal Florida’s largest and highest-growth markets. Under the agreement, WCI will have 35 days to shop around for alternative offers in order to get the best deal for stockholders.