Legal & General (L&G) has agreed to sell its UK-based housebuilding subsidiary, CALA Group, to U.S. private assets firm Sixth Street Partners in a deal valued at 1.35 billion pounds ($1.78 billion). The transaction includes cash proceeds of 1.16 billion pounds for L&G, with 500 million pounds to be paid at closing and the remainder over five years. This divestment follows L&G’s new focus on capital allocation and the establishment of a corporate investments unit. L&G CEO Antonio Simes emphasized that the sale aligns with the company’s strategy to streamline its portfolio and concentrate on core businesses. Sixth Street, which is expanding its European footprint, looks to support CALA’s growth alongside co-investor Patron Capital.
Real Estate, Insurance, Private Equity,United Kingdom, United States
https://www.zawya.com/en/markets/equities/legal-and-general-sells-uk-housebuilder-cala-group-in-18bln-deal-uemvf9rh