Ken Sweet
FOXBusiness

Pulte Homes (PHM: 9.61, n.a., n.a.%) said Wednesday it would purchase the rival homebuilder Centex Corp. (CTX: 9.06, n.a., n.a.%) in a transaction valued at approximately $1.3 billion that would create the nation’s largest home builder during a difficult time for the humbled industry.

The Bloomfield Hills, Mich.-based Pulte said it would purchase Centex, a builder of traditionally entry-level to lower-middle-market homes, in an all-stock transaction valued at $3.1 billion, including $1.8 billion in net debt.

Under the terms of the agreement between the two companies, Centex shareholders would receive 0.975 shares of Pulte per share of Centex they own, valuing Centex shares at $10.50 based on the April 7 closing price.

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