UK housebuilder Barratt Developments has agreed to buy rival Redrow in a deal worth £2.5 billion, as two of the country’s biggest developers come together to accelerate the building of “much-needed” homes.
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NewsTranscript
00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post
00:05 and here are your breaking business news headlines for this morning.
00:10 The UK house builder Barrett Developments has agreed to buy its rival, Redrow, in a
00:16 deal worth £2.5 billion as two of the country's biggest developers come together to accelerate
00:24 the building of much-needed homes.
00:27 Barrett said it will buy the entire share capital of Redrow, creating a combined business
00:32 which they plan to rename as Barrett Redrow.
00:35 The deal values Redrow at £2.52 billion and represents a premium of about 27% for shareholders
00:43 based on the closing price of Redrow shares on Tuesday.
00:48 On completion of the merger, which must first be approved by both shareholders and the financial
00:52 regulator, Redrow investors will hold about a third of the combined group and Barrett
00:57 shareholders two thirds.
00:59 David Thomas, Chief Executive of Barrett, said the business has great respect for its
01:04 competitor.
01:05 So a major breaking story there.
01:07 Barrett Developments has agreed a deal to buy its rival, Redrow.
01:12 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
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