Legal & General Sells CALA Group for £1.35 Billion

The sale to Sixth Street Partners and Patron Capital will provide L&G with £1.16 billion in cash proceeds.

Legal & General has agreed to sell its housebuilding subsidiary CALA Group for an enterprise value of £1.35 billion.
The buyers are Sixth Street Partners and Patron Capital, who will pay £500 million at closing and the remaining amount over five years.
The transaction is expected to complete in Q4 2024, aligning with L&G's strategy to simplify its portfolio and focus on core businesses.
CALA Group, founded in 1875, employs 1,300 people and sold nearly 3,000 homes last year, with significant growth under L&G's ownership.
L&G plans to use the proceeds to reinvest in the business and potentially increase shareholder returns through buybacks.