Standard Pacific and Ryland Group to Merge Creating the Fourth Largest Home Building Company in the US
A new merger is on the cards among two major U.S home builders, Standard Pacific Corp and Ryland Group Inc. The new entity will be United State’s fourth largest home builder.
The company formed after the merger deal will have approximately $5.2 billion market capitalization. Its enterprise value will be close to $8.2 billion. The new entity will have control over almost 74,000 home sites according to a statement from the companies.
Larry Nicholson the Chief Executive of Ryland Group will take up the position of President as well as CEO of the new company. The merged homebuilding company will be listed as the fourth largest only after D.R. Horton Inc, Lennar Corp and PulteGroup Inc.
On Sunday, the merger was announced after the boards of both the companies approved the decision unanimously. The deal may have greater outcomes with an expected yearly savings of $50 million to $70 million according to the home building companies. However, a new name for the merged entity has not been selected yet.
On Friday, the shares of Standard Pacific closed at $8.36 and Ryland Group’s shares closed at $42.79 on the NYSE.
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