Shareholders approve £2.5bn Barratt and Redrow merger

Aaron Morby 6 months ago
Share

Barratt and Redrow’s shareholders have overwhelmingly approved the anticipated merger of the two large housebuilders.

The combined business would create a mega house builder turning over £7.45bn and delivering over 22,600 homes a year, based on past performance.

The deal remains subject to clearance by the UK competition watchdog which has launched a preliminary investigation into whether the formation of would see a substantial lessening of competition within any market or markets.

Under the proposed deal, Redrow shareholders will hold 33% of the combined group and Barratt shareholders 67%.

 Barratt said the deal would allow for £90m in cost-saving synergies and offered opportunities to consolidate the supply chain.

Combined the business, which retains the three brands – Barratt, Wilson Homes and Redrow – would have net cash of £874m.

Latest news

Wates starts £300m Gartree super prison job

Early works start on 1,700-prison place job next to existing prison
8 hours ago

Five road schemes worth £1.3bn axed

Still no decision on £1.5bn A66 upgrade or £9bn Lower Thames Crossing
1 day ago

Budget: Chancellor to fund HS2 tunnels to Euston

Schools and hospitals get extra £1.85bn cash injection to tackle work backlog
1 day ago

Skills card changes will mean fewer labourers

CSCS wants to cut the numbers with 500,000 labourer cards currently in circulation
15 hours ago

Wates hires former ISG fit-out chief to lead new team

Lee Phillips to head up new London office fit-out arm
1 day ago

Major London offices to student rooms scheme approved

65 Fleet Street office block to be converted to 850-student rooms
15 hours ago

M Group Services buys MEICA contractor BGEN

Warrington-based engineering contractor employs 1500 staff
22 hours ago

VINCI Construction swoops for FM Conway

Conway family sells £580m turnover Kent-based highways contractor
2 days ago

United Living bolts on property upkeep firm Pilon

Deal to buy £40m turnover social housing property services contractor
2 days ago

Sheffield facade specialist bought by Swedish firm

Building envelope giant Fasadgruppen makes first UK acquisition
2 days ago

Nexus buys Coleman Construction & Utilities for £5.4m

Nexus moves into civils with acquisition of East Sussex contractor
2 days ago

Councils get £68m to clear brownfield sites

Site renovation work will clear way for 5,200 new homes
2 days ago

Private investor buys Midlands contractor MCS

Deal values £100m revenue building contractor at £22m
2 days ago

Willmott Dixon to build Oxford net zero council HQ

Work to start next year on net zero office upgrade as Old County Hall sold off
2 days ago

Phoenix subbies get pay less notices after ISG failure

Building services specialist tells suppliers they won't be getting paid
3 days ago

Midgard confirmed on £60m Golden Lane office contract

Main works will create 120,000 sq ft of prime office space on historic site
3 days ago

Van Elle buys Scottish specialist Albion Drilling for £3.5m

Acquisition builds capability in Scotland's booming energy sector
3 days ago

French PM and cost consultant Artelia buys Pick Everard

Artelia UK operations swell to nearly 1000 staff after bolting on UK consultant
3 days ago

Go-ahead for West London 58-storey resi skyscraper

North Acton scheme at Old Oak Common to form gateway to emerging cluster
3 days ago

Plans in for £200m Trafford Wharf scheme

Mid-rise tower scheme of over 850 build to rent and student homes
3 days ago

ISG Fit Out arm went down owing subbies £111m

Latest slew of debts brings initial supply chain hit to nearly £300m
4 days ago

Construction to grow 2.5% next year

Industry output expected to rebound after 2.9% fall this year
4 days ago

Chancellor finds over £1bn for new schools and social homes

Budget extra cash to get school builds back on track and boost affordable homes
4 days ago

ISG collapse brings down lighting specialist

30 jobs go as Cheltenham-based Seventynine Lighting Ltd ceases trading
6 days ago

Kier lands £100m naval helicopter base rebuild

Royal Naval Air Station Culdrose in Cornwall to get big upgrade
4 days ago

Go-ahead for £88m York Coney Street Riverside

£56m Cooney Street riverside construction project set to start
4 days ago

Safer concrete pours after Balfour and O’Rourke trials

New attachments from Conquip mean end to operatives standing under concrete skips
4 days ago

ROCKWOOL buys Wetherby Building Systems

Materials giant continues expansion of non-combustible facade products
4 days ago

Debt rule change to salvage infrastructure spending plans

Chancellor to free up £50bn for road, rail and hospital building plans
7 days ago

Roofer thrown from basket after bus hits cherry picker

Contractor fined £215,000 after worker lands on roof of parked car
1 week ago

Contractor services