Linklaters and Norton Rose guide Vistry Group on its acquisition of Countryside
The cash and share deal amounts to £1.25bn
Linklaters and Norton Rose guide Vistry Group on its acquisition of Countryside
The cash and share deal amounts to £1.25bn
Law firms Linklaters and Norton Rose Fulbright (NRF) have advised on FTSE 250-listed housebuilder Vistry Group's combination with smaller rival Countryside Partnerships.
The acquisition will create one of the country's leading housebuilders. It will provide Vistry with greater scale ahead of an expected UK recession that threatens to put an end to the strong housing market seen during the Covid-19 pandemic.
Countryside had witnessed challenging times by losing over half its value. Its CEO Iain McPherson had to step down after the company, unlike its rivals making huge profits, failed to cash in on the UK property boom.
Vistry expects the deal will more than double its operating profits to the north of £800m. It has the support of major Countryside shareholders including US investors Browning West and Inclusive Capital Partners.
Following the takeover, Countryside will join Vistry's existing group of brands alongside Bovis Homes, Linden Homes, and Drew Smith.
A cross-practice team from Linklaters advising Vistry on the deal was led by partners Iain Fenn and Charles Turner and managing associate Matthew Hearn from the corporate team. Partners Jonathan Ford and Natura Gracia advised on the antitrust aspects. Banking partner Toby Grimstone and managing associate Atish Shah led on finance elements.
The Norton Rose Fulbright team included London-based corporate partner Kit McCarthy and senior consultant Chris Pearson.