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BRIEF-Century Communities and UCP agree to business combination
April 11, 2017 / 11:51 AM / 9 months ago

BRIEF-Century Communities and UCP agree to business combination

April 11 (Reuters) - Century Communities Inc

* Century Communities and UCP agree to business combination

* Combined company will have an equity market capitalization of over $700 million and an enterprise value of over $1.3 billion

* Century Communities - in merger, each share of UCP common stock will be converted into right to receive $5.32 in cash, 0.2309 of newly issued share of century common stock

* Combined company will own or control approximately 25,000 lots and will have a backlog in excess $450 million

* Century Communities - merger expected to be accretive to company’s 2018 EPS as result of revenue and cost synergies and economies of scale

* Transaction has been unanimously approved by board of directors of both Century and UCP

* Century Communities - will fund cash portion of merger with available borrowing capacity under its $400 million senior unsecured credit facility

* J.P. Morgan Securities Llc served as financial advisor to Century; Citi acted as financial advisor for UCP Source text for Eikon: Further company coverage:

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