Legal & General sells Cala Group for £1.35bn

(Sharecast News) - Legal & General said it had sold UK house builder CALA for £1.35bn to Ferguson Bidco, an entity owned by funds managed by Sixth Street Partners and Patron Capital.

The insurer said it would receive cash proceeds of £1.16bn, of which £500m will be paid at closing with the remaining consideration being paid over the next five years.

L&G said proceeds from the sale will primarily be used for reinvestment and returns to shareholders through ongoing buybacks.

Reporting by Frank Prenesti for Sharecast.com