Lennar Closes on CalAtlantic Merger

A CalAtlantic Group property. The company delivered 14,602 single-family homes last year.

MIAMI—Lennar Corp.’s merger with CalAtlantic Group became effective at 11:59 pm on Monday, creating the nation’s largest homebuilder by revenue. The $9.3-billion deal, including the assumption of $3.6 billion of debt, was first announced this past October and was approved nearly unanimously by stockholders in both companies.

“This combination brought together two leading homebuilders in familiar markets with compatible product lines,” says Lennar CEO Stuart Miller. “With stable to improving market conditions, this combination enables our company to use local market concentration to drive synergies and efficiencies in the most strategic markets in the country.”