Legal & General Group Plc 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