Homebuilder news - Big Deals

South Florida CEO, June, 2002

Boca Raton homebuilder Engle Holdings Corp. has completed a $278 million merger with Houston-based Newmark Homes. The new company will be headquartered in Hollywood. Both Newmark and Engle are controlled by Greek company Technical Olympic, an Athens commercial builder which owns 80 percent of publicly traded Newmark and 100 percent of Engle.

As part of the deal, Newmark sold its South Florida-based Westbrooke homebuilding subsidiary to California-based Standard Pacific for $41 million in cash and $54 million in debt. The sale was made to avoid overlaps between Engle's South Florida operations and those of Westbrooke.