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Galliford Try completed the 拢1.1bn deal to sell its housing operations to rival housebuilder Bovis today.

Shareholders in both companies had previously given their , which was announced in November.

The deal sees Galliford Try offload its Linden Homes business and its partnerships division to Bovis in return for a 拢675m stake in the enlarged housebuilder, along with 拢300m in cash and a 拢100m debt swap.

Galliford Try shareholders will have a 29.3% shareholding in the bigger Bovis.

The companies said the tie-up would create a top-five housebuilder capable of delivering 12,000 homes a year.

In the financial year to 30 June 2019 Galliford Try鈥檚 Linden Homes business completed 3,229 homes, 2,227 of which were private housing and 1,002 were affordable, with an average selling price of 拢284,000. Its operating profit was 拢161m.

In the same period its partnerships arm delivered 1,178 homes at an average selling price of 拢217,000. It posted an operating profit of just under 拢35m.

Graham Prothero, Galliford Try鈥檚 chief executive, has stepped down from the role to become the enlarged Bovis group鈥檚 chief operating officer. Greg Fitzgerald remains chief executive.

The firm said that it would be on the lookout for acquisitions 鈥渃onsistent with its strategic priorities鈥�  following the sale.

The contractor had earlier confirmed the settlement of claims over its involvement on the Aberdeen road bypass, which was finally completed last February, more than a year late. Just before Christmas Galliford Try said that it had 鈥渟ubstantially agreed settlement terms鈥� with client Transport for Scotland, which would see it receive a cash payment of around 拢32m and incur a write-off of 拢52m. 

The contractor said that the settlement on the road scheme in north-east Scotland, announced on 23 December, ended 鈥渁 complex and challenging project, averting a lengthy and costly litigation process鈥�. It reprted losses of around 拢150m on the job,

Galliford Try had been working with Balfour Beatty and Carillion, before the latter went bust two years ago. Bad weather in the region also held up the work.