Lennar model homes are seen at a development in Arvada, Colorado September 17, 2014.  REUTERS/Rick Wilking

Lennar model homes are seen at a development in Arvada, Colorado September 17, 2014. REUTERS/Rick Wilking (Copyright Reuters 2016)

Homebuilder Lennar to buy WCI Communities in $643 million deal

Markets Reuters

Lennar Corp , the second-largest U.S. homebuilder, said on Thursday it would buy luxury home builder WCI Communities Inc in a deal valued at $643 million.

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Lennar's offer of $23.50 per share in cash and stock represents a premium of about 37 percent to WCI's Wednesday close.

The transaction gives WCI an enterprise value of $809 million, the companies said in a joint statement.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza)