Centex's intent with the sale was to drive its focus back to core homebuilding operations. Centex, founded in 1950, has built more than 39,000 homes in 25 states, running the gamut from single family to destination properties like condos.

Balfour also intends to keep the management team in place, Robert Van Cleave, chairman and CEO of the construction operation, previously told GlobeSt.com. In Centex's SEC filing, the $362-million sale calls for a $60-million additional cash payment to be made in $4-million annual installments for a 15-year period after the closing. Also, as a result of pre-closing terms, Centex estimated it will be required to make net payments of nearly $265 million to the construction services division.

The deal also builds in an 18-month window for Balfour, requiring that Centex does not provide any construction services to a third party. The non-competition covenant covers construction of multifamily residential, healthcare, education, corporate office, corrections or any other commercial projects in the US. It also bars Centex from participating in the fed's Military Housing Privatization Initiative for 18 months.