After completing its merger with CalAtlantic, Lennar could become the largest U.S. homebuilder
During no-moat Lennar’s fiscal fourth-quarter earnings call, management provided a more in-depth review of the pending merger with CalAtlantic. Management expects the $9.3 billion deal to close in February, at which point the combined entity would surpass perennial leader D.R. Horton as the largest homebuilder in the United States. As we wrote in our Oct. 31 note, value creation for Lennar shareholders will primarily be driven by Lennar’s ability to realize synergies. When the deal was announced...
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