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Construction and housebuilding firm Galliford Try plc has acquired rival Linden Holdings plc for about £108.5 million. The company has also taken on Linden’s £136 million debt.

Uxbridge, Middlesex-based Galliford paid for the acquisition by placing some 100.23 million shares at 150p each on the Official List, raising £150.3 million.

Jones Day was legal adviser to Linden. Its team was led by partner Adam Greaves, corporate legal adviser to Linden since 1991, and included employee benefits specialists John Papadakis and Anthony Whall, tax adviser Blaise Marin Cutoud, takeover code adviser Leon Ferera and Mark Taylor, who advised on employment.

The firm also advised on deals including Linden’s flotation in 1996 and subsequent take-private in 2000.

Greaves said: “The transaction is unusual for a public company offer, as part of its consideration is deferred. It is also contingent on two things; firstly, planning permission being obtained on sites identified by Linden for development and secondly, a lack of successful claims by Galliford before the first anniversary of the takeover under warranties relating to Linden.”

CMS Cameron McKenna was legal adviser to Galliford. Its team was led by corporate partner Gary Green. The firm previously worked for the company on its acquisitions of Morrison Construction for £42 million and Chartdale Homes for £67 million in 2006.

Following the takeover of Chartdale and Morrison, in February and March respectively, Galliford’s chief executive Greg Fitzgerald said the company was able to complement its organic growth with acquisitions.

Housebuilder Linden specialises in urban regeneration projects and houses on brownfield sites, particularly in the South. The company – which is based in Caterham, Surrey – sold some 1,100 homes and made a £276 million turnover in the year ended December 31, 2005.

Galliford’s housebuilding division is now able to develop more than 3,000 sites per year in the South and East of England. It has become one of the top 10 listed housebuilders in the UK.

The company made revenues of £851 million and a pre-tax profit of £34.5 million for the year ended June 30, 2006, compared with £718 million and £27.4 million for the year before.

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