Sunday, July 22, 2007

Dubai based Emaar buys John Laing Homes

In June 2006 Emaar announced that it had acquired John Laing Homes, the second largest privately held homebuilder in the US, creating on of the world's leading real estate developers in residential homebuilding.

The AED 3.856 billion (US$1.050 billion) all cash transaction was unanimously approved by the boards of directors of both companies.

Partnering with John Laing Homes is consistent with Emaar's strategy of expanding its business on a global basis beyond Dubai. This agreement provides Emaar with an important gateway into the US real estate market.

John Laing Homes a highly respected partner with more than 150 years of homebuilding experience and boasts a strong knowledgeable management team. Emaar will leverage John Laing's industry and management expertise and export it into markets around the world, while providing John Laing Homes with additional resources to grow.

John Laing Homes will operate as a division of Emaar from their headquarters in Newport Beach, CA, and continue to be operated by Larry Webb, CEO, who, along with the senior management team, agreed to to multiyear contracts.

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