We are advising UBS as financial adviser and sponsor to Barratt Developments on the transaction

Davis Polk is advising UBS AG London Branch as lead financial adviser, sole corporate broker and sponsor to Barratt Developments plc in connection with its recommended all-share combination with Redrow plc.

The combination was announced on February 7, 2024, valuing Redrow at £2.52 billion. The transaction will be implemented by way of a court-approved U.K. scheme of arrangement and requires the approval of Barratt’s shareholders as a significant transaction under the U.K. Listing Rules and publication of a prospectus in connection with the issue and admission of new Barratt shares. The scheme circular, shareholder circular and prospectus were published on April 19, 2024. Following completion of the combination, Barratt shareholders will hold approximately 67.2% and Redrow shareholders will hold approximately 32.8% of the combined group, respectively. Barratt and Redrow generated an aggregate revenue of approximately £7.5 billion in 2023, and the combination is expected to build on their reputations for quality, service and sustainability, and accelerate the delivery of homes in the United Kingdom.

Barratt is one of the largest residential property development companies in the United Kingdom and has built more than 500,000 homes since it was founded in 1958.

Headquartered in Wales, Redrow is a leading homebuilder in the United Kingdom, with 12 regional divisions across the country.

The Davis Polk corporate team includes partners Will Pearce and Dan Hirschovits and associate Vivek Thanki. Partner Reuven B. Young is providing U.S. securities law advice. Partner Dominic Foulkes is providing tax advice. All members of the Davis Polk team are based in the London office.