L&G to Sell UK Builder to Sixth Street in £1.35 Billion Deal

Legal & General Group Plc (L&G) has agreed to sell its UK housebuilding business, Legal & General Homes, to US investment firm Sixth Street in a £1.35 billion deal.

The sale is part of L&G's strategy to focus on its core businesses of insurance, pensions, and asset management. L&G Homes, which was founded in 1992, builds around 4,000 homes a year in the UK. Sixth Street is a global investment firm with over $60 billion in assets under management. The firm has a track record of investing in real estate, including residential development.

The sale is expected to complete in the first half of 2023, subject to regulatory approvals. L&G said it will use the proceeds from the sale to strengthen its balance sheet and invest in its core businesses.

The sale of L&G Homes is the latest in a series of disposals by the company. In recent years, L&G has sold its stakes in a number of businesses, including its general insurance arm and its private equity business.

The sale of L&G Homes is a significant step in L&G's转型. The company is increasingly focusing on its core businesses of insurance, pensions, and asset management. The sale of L&G Homes will allow L&G to focus on these core businesses and to strengthen its balance sheet.

Key Points:

• L&G has agreed to sell its UK housebuilding business, Legal & General Homes, to US investment firm Sixth Street in a £1.35 billion deal.
• The sale is part of L&G's strategy to focus on its core businesses of insurance, pensions, and asset management.
• The sale is expected to complete in the first half of 2023, subject to regulatory approvals.
• L&G will use the proceeds from the sale to strengthen its balance sheet and invest in its core businesses.
• The sale of L&G Homes is the latest in a series of disposals by the company.