Homebuilders complete merger; move forward with projects in NoCo
GREENWOOD VILLAGE — Century Communities Inc. (NYSE: CCS), a homebuilder in select U.S. markets, including Northern Colorado, said Monday it has completed its previously announced merger with UCP Inc. (NYSE: UCP).
The transaction value was approximately $356 million, including the payment of approximately $149 million of existing UCP debt.
Each outstanding share of UCP Class A common stock received $5.32 in cash and 0.2309 of a newly issued share of Century common stock. Approximately 4.24 million shares of Century common stock were issued in connection with the transaction.
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Century has single-family home projects planned in Northern Colorado, including 262 homes in Dacono, 95 homes in Loveland, 75 homes in Windsor and 70 homes in Erie.
With the addition of UCP, Greenwood Village-based Century’s reach now includes 10 states, 17 markets and 111 communities, and its revenue will be approximately $1.5 billion with inventories of $1.3 billion.
“The completion of this merger marks a significant milestone for both companies and builds on our track record as one of the fastest-growing U.S. homebuilders,” Dale Francescon, co-chief executive of Century, said in a prepared statement.
