3rd Jan 2020 08:33
(Alliance News) - Bovis Homes Group PLC on Friday said it has completed its acquisition of two Galliford Try PLC businesses and has applied to change its name to Vistry Group PLC.
Shares in Bovis were up 0.1% at 1,331.00 pence, while the recast Galliford had an entirely new set shares admitted to trading Friday, quoted at 110.00p.
Back in November, Galliford agreed to sell its Linden Homes and Partnerships & Regeneration units to Bovis in a deal worth a combined GBP1.14 billion. This includes Bovis's issue of 63.7 million new shares to Galliford plus GBP300 million in cash and the assumption of Galliford's GBP100 million 10-year private debt placement.
Further to the November announcement that Bovis would be changing its name as part of its integration with the acquired businesses, Bovis said it has applied to change its name to Vistry Group - both for its housebuilding and its partnerships businesses. The enlarged business will operate with both the Linden Homes and Bovis Homes brands.
Bovis Chief Executive Greg Fitzgerald said: "The combination of these businesses with Bovis Homes creates a top five housebuilder in the UK with the capacity to deliver over 12,000 homes per year in the medium term. It also gives us a leading position in the high-growth, more resilient partnerships market. Within the enlarged business, our commitment to ensuring the highest levels of build quality and customer satisfaction will remain central to everything we do."
Also as previously announced, Galliford Try CEO Graham Prothero has joined Bovis's board as chief operating officer. He has been succeeded at Galliford by Bill Hocking, who had been chief executive of Galliford's Construction & Investments division since August 2016.
By Anna Farley; [email protected]
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