Barratt’s £2.5bn takeover of rival housebuilder Redrow is set to complete this week following the waiver of certain conditions by the Competition and Markets Authority.
The merger, which was first announced in February, is now set to complete on 20 August. The pair hope to have the two businesses fully integrated within 18 months.
Following the completion of the takeover, Redrow chief executive Matthew Pratt will be appointed to the board of the combined group, with Redrow non-executive directors Geeta Nanda and Nicky Dulieu taking up similar roles at the combined group.
The firm’s name will be changed to Barratt Redrow, with the Redrow brand retained as a “premium and distinct component” within the group’s portfolio.
The merger will create a £7bn housing building giant, which Barratt believes will deliver cost savings of more than £90m. Together, the pair expect to deliver some 22,000 homes a year following the merger.
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