Tue, 07 Jan 2020 | DIVISION SALE
Galliford Try has completed the sale of its housebuilding business to Bovis Homes PLC in a transaction valued at approximately £1.1 billion. The deal value includes shares, a debt transfer and a cash payment of £300 million.
The sale of Linden Homes and Galliford Try Partnerships to Bovis creates one of the UK’s top 5 homebuilding groups, with the capacity to deliver over 12,000 homes per year.
Galliford Try will now operate as a standalone business, focusing on its key markets of building, highways and environment.
The two companies announced that they had reached an agreement in principle in September 2019, with details arranged in November 2019 before the deal was voted on by shareholders.
Galliford Try’s Construction and Investments chief executive Bill Hocking will become CEO of new entity Galliford Try Holdings plc, being joined on the new executive board by finance director Andrew Duxbury and general counsel and company secretary Kevin Corbett.
Other new board members include managing director of building Ian Jubb, HR director Vikki Skene and managing director of investments and specialist services Mark Baxter.
Hocking said: “I am excited by the bright future that lies ahead for Galliford Try as a well-capitalised, standalone, agile business and I look forward to working with our stakeholders to achieve our mutual objectives.
“We have struck a favourable deal for our shareholders and one that will benefit both ourselves and Bovis Homes for years to come.”
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