Sixth Street, Patron reportedly considering bid for L&G-owned housebuilder Cala
Legal & General Group
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16:40 13/09/24
US investment firm Sixth Street has partnered with Patron Capital Partners to compete against FTSE 100 housebuilder Persimmon in the bid to acquire privately-held UK housebuilder Cala Group, it emerged on Wednesday afternoon.
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According to the report from Sky News, Legal & General (L&G) - which has owned Cala since 2018 - was expected to choose between the two offers soon, though it could retain ownership if neither bid met its valuation expectations.
Cala was estimated to be worth up to £1bn.
Sky said the sale was part of broader strategic changes at L&G under the leadership of new chief executive officer Antonio Simoes, and amid heightened merger and acquisition activity in the UK housebuilding sector.
Recently, Bellway withdrew from a takeover attempt for Crest Nicholson, while Barratt Developments was finalising its £2.5bn acquisition of Redrow.
Both L&G and Sixth Street have declined to comment on the ongoing sale process, Sky News said.
Reporting by Josh White for Sharecast.com.