Homebuilder Lennar to Buy WCI Communities in $643M Deal

Lennar, the second-largest U.S. homebuilder, said on Thursday it would buy luxury home builder WCI Communities in a deal valued at $643 million.

Lennar's offer of $23.50 per share in cash and stock represents a premium of about 37 percent to WCI's Wednesday close.

The transaction gives WCI an enterprise value of $809 million, the companies said in a joint statement.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza)