Legal & General: sells Cala for £1.35bn

(CercleFinance.com) - Legal & General announces that it has completed the sale of British housebuilder Cala Group for an enterprise value of £1.
35bn, to Ferguson Bidco, an entity owned by funds managed by Sixth Street Partners and Patron Capital.

This disposal reflects L&G's disciplined approach to capital allocation and follows the Group's decision to create a corporate investment unit, management says.

As they become available, the proceeds of the sale will be used primarily, for reinvestment in the Group.

Legal & General management said that this transaction demonstrates continued momentum in the execution of its strategy, simplifying its portfolio to enable it to focus more on our core and synergistic businesses. The sale announced today will provide it with the capital necessary to achieve strategic objectives of sustainable growth and enhanced shareholder returns.


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