International law firm CMS has advised British construction and house-building group, Galliford Try, in relation to its landmark transaction to combine its Linden Homes and Galliford Try Partnerships & Regeneration businesses with Bovis Homes, in a deal valued at £1.075bn, which includes a cash element of £300m and a further transfer of a £100m private debt placing to Bovis. As part of the deal, existing Galliford Try shareholders will receive £675m of shares in Bovis Homes.
The combination will provide Galliford Try’s shareholders with a significant stake in Bovis Homes, a leading housebuilding and partnerships business, as well as continuing ownership of a leading standalone UK construction business.
The CMS team was led by Corporate Partners Gary Green and James Parkes.
Gary Green comments: “We are delighted to have advised Galliford Try on this important transaction, which represents one of the most significant deals in the housebuilding sector in recent years. CMS has advised the group for many years, dating back to the IPO of Try Group in 1989, and we look forward to continuing to develop the relationship as the group switches focus to becoming a leading standalone listed UK construction business.”