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Lloyds Banking to sell stake in CALA Group to Legal & General

Legal & General Group has agreed to acquire an interest in CALA Group Ltd, a U.K. home builder, from Lloyds Banking Group. The acquisition values CALA at GBP210M. Legal & General will acquire a 46.5% equity stake in CALA, as an equal partner with Patron Capital Partners, alongside management who will take a 7% share. The acquisition will be financed by GBP140M of equity and GBP70M of debt. Legal & General and Patron will both have a representative on CALA's Board.