With the economic downturn threatening the survival of all homebuilders, two of the nation’s largest have decided that joining forces will give them the best chance of weathering the storm.
Pulte Homes, Bloomfield Hills, Mich., announced an agreement to merge with Centex Corp., Dallas, in a stock-for-stock transaction valued at $3.1 billion, comprising $1.3 billion in equity and $1.8 billion in debt. The combined company would become the largest homebuilder in the United States.
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