Patron Capital Partners is one of the bidders for Legal & General’s (LGEN.L), opens new tab housebuilder CALA, in a deal expected to raise around one billion pounds ($1.28 billion), a source familiar with the matter said on Wednesday.
Legal & General announced a revamp of its business on Wednesday, saying that CALA was marked for “potential divestment”.
Legal & General and Patron Capital were previously joint owners of CALA. L&G acquired, opens new tab the 52% in CALA that it did not already own from Patron in 2018.
L&G was lining up investment bank Rothschild to oversee the potential sale of CALA, a source told Reuters earlier this year.
Sky News reported the news of Patron’s interest in CALA earlier on Wednesday.