Lennar, the second-largest U.S. homebuilder, said on Thursday it would buy luxury home builder WCI Communities 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)