Luxury builder goes from bankruptcy to $643M sale

Miami-based homebuilder giant Lennar Corp. acquired luxury homebuilder and developer WCI Communities for $643 million— a little more than eight years after the Bonita Springs firm filed for Chapter 11 bankruptcy.

WCI's board of directors approved Lennar's offer of $23.50 in cash and stock, split 50-50, for each WCI share, according to a statement. The transaction is based on an enterprise value of $809 million and represents a 37% premium to WCI's Wednesday closing price of $17.6.

Lennar, the second-largest U.S. homebuilder, had $9.74 billion in revenues in 2015. “WCI's land portfolio dovetails perfectly with our own Florida footprint and expands our product offering to capture more of the move-up market," Lennar CEO Stuart Miller says in a separate statement. "Our combined presence in the premier coastal Florida markets will drive growth and allow significant cross and dual brand marketing opportunities."