Two home-building giants will merge to form one single company in an equity market capitalization deal worth $5.2 billion. Standard Pacific and Ryland Group, both based in Southern California, will own or control 74,000 home sites from the merger. They have yet to pick a new name that they will be operating under.
"Combining two industry leaders with nearly 100 years of homebuilding experience between them puts us in a strong position to benefit from the continued housing recovery," says Scott Stowell, Standard Pacific CEO, who will serve as the merged company's executive chairman. "With this merger, we gain both geographic and product diversification, expanding our reach and enhancing our growth prospects in the entry level, move-up and luxury market segments."
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