- Lennar (LEN +3.6%) has closed on its acquisition of WCI Communities (NYSE:WCIC) at an equity value of $643M.
- It's paying all cash consideration, $23.50/share for WCI common stock held before the merger became effective. The two made the deal at an enterprise value for WCI of $809M.
- As part of the deal, Lennar becomes a co-issuer on WCI's 6.875% senior notes due 2021, of which $250M are outstanding.