Galliford Try combined housebuilding businesses with Bovis.

Galliford Try combined its Linden Homes and Galliford Try Partnerships businesses with Bovis Homes. The Bovis consideration is valued at £1.1bn, with a cash element of £300m and a further transfer of a £100m private debt placing to Bovis. The remainder of the offer is a £675m share issue of new Bovis shares to existing Galliford Try shareholders on a pro rata basis. “The transaction is an exciting opportunity to create two strategically focused businesses. The significant cash element within the consideration provides a firm foundation for our newly reorganised Construction business to flourish as an independent company. The strong balance sheet and excellent fit between the combining businesses will be a superb platform for both private housebuilding and partnerships, creating a unique and well-positioned housing provider," Graham Prothero, Galliford Try Chief Executive.