Slaughter and May is advising Legal & General on the acquisition of full ownership of CALA Homes

 Slaughter and May is advising Legal & General on the acquisition of the 52.1% interest in the CALA Homes group that it did not previously own from Patron Capital and the CALA management team. 

The transaction, which is not subject to any conditions, completed on 12 March 2018.  The implied equity valuation of 100% of CALA Homes under the transaction is £605 million.  The acquisition cost for Legal & General was £315 million plus additional transaction costs and financial adjustments to reflect the contribution of management and Patron during the period of joint ownership.     

CALA, which was jointly acquired by Patron and Legal & General from HBOS in 2013, is a leading UK provider of high quality family housing.  It delivered 1,677 property completions and £92.8 million of operating profit in the year to 30 June 2017. 

Slaughter and May worked closely with Natasha Mora, Geoffrey Timms and Harriet Gallagher-Powell from the in-house team at Legal & General.