(UNDATED) - Two builders who have a presence in Central Indiana have merged to become the nation's largest homebuilding company.
Pulte Homes and Centex have agreed to a $1.3 billion stock-for-stock deal. The agreement also includes $1.8 billion of debt, while the combined business has more than $3.4 billion in cash.
Pulte President and CEO Richard J. Dugas said in a statement that the combination "puts us in an excellent position to navigate through the current housing downturn." Centex CEO Timothy Eller said the merger is about delivering value "and creating unrivaled firepower."
Dallas-based Centex sells homes in 26 Central Indiana neighborhoods, mostly in Hamilton County.
Bloomfield Hills, Michigan-based Pulte builds in 20 area communities, mainly in Hendricks, Boone and Hamilton Counties.
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