Barratt and Redrow are set to complete their £2.5bn merger, after initially striking the deal in February
Barratt and Redrow are ready to complete their £2.5bn merger after striking the unexpected deal in February.
Barratt officially took ownership of Redrow’s stocks in August, removing Redrow from financial market listings.
Barratt and Redrow were approved by the CMA
After the deal was announced in February, the Competitions and Markets Authority (CMA) launched an investigation into the deal with concerns of removing competition in the Whitchurch and Shropshire areas.
The investigation resulted in the CMA telling Barratt and Redrow to accomodate for this concern before being allowed to continue with the merger.
In August, it was rumoured that the firms had adequately addressed the concern, and would be allowed to continue with the merger.
The merger will be complete within 18 months
Now the CMA has given the merger their blessing, the firm has changed their name to Barratt Redrow PLC as well as an implementation plan to complete the merger within 18 months from August.
Barratt chief executive, David Thomas, said: “Today is a significant milestone for Barratt Redrow, as we come together as one organisation.
“With this combination, we have created an exceptional housebuilder in terms of quality, service and sustainability, able to accelerate the delivery of the homes this country needs.
“Together, we offer a broader range of homes and price points for our customers who we will continue to put at the heart of everything we do.
“Our focus now is on integrating our businesses as efficiently and effectively as we can to deliver the expected benefits of the Combination.
“We will leverage the best of both companies to deliver significant benefits to our people, our customers and our supply chain partners, and ensuring that Barratt Redrow is set up to deliver long term value to all of its stakeholders.”
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