Legal & General (GB:LGEN) has released an update.
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Legal & General Group Plc has sold its UK housebuilding subsidiary, CALA Group, to Ferguson Bidco Limited for £1.35 billion, with a £500 million initial payment and the rest over five years. The deal, which is part of L&G’s strategic refocus, will see proceeds reinvested in line with corporate strategy and potentially increase shareholder returns through buybacks. The sale is also set to reduce Legal & General’s Solvency Capital Requirement by approximately £100 million.
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