£2.5bn housebuilder mega-merger completed after CMA approval
Leicestershire housing giant Barratt has finalised its £2.5bn acquisition of North West housebuilder Redrow after receiving approval from the Competition and Markets Authority (CMA).
The CMA has accepted Barratt and Redrow’s proposals to address these concerns, and the deal will not undergo a phase 2 investigation.
As part of the agreement, Savills has been appointed as a third-party agent to oversee the sale of unsold homes at Redrow’s Nantwich site.
The CMA considers Savills suitable for this role as it is independent of the merged entity and possesses the necessary resources and expertise in new-build housing sales.
Redrow’s current CEO, Matthew Pratt will assume the role of group chief executive and Nicky Dulieu and Geeta Nanda will join the board as non-executive directors.
Barbara Richmond, Redrow’s chief financial officer will take on a dual role as group integration and synergies director, responsible for overseeing the merger’s integration for at least a year.