Cleary Gottlieb represented Kaufman & Broad SA in PAI’s August 31, €325 million simplified tender offer for Kaufman & Broad’s outstanding shares. The tender offer follows PAI’s July 10 acquisition of KB Home’s controlling interest in Kaufman & Broad, in which Cleary Gottlieb advised KB Home, Kaufman & Broad and its management. Following the offer, PAI owned nearly 80% of Kaufman & Broad, valued at €1.2 billion (before dividend distribution).
Kaufman & Broad is a leading French developer and homebuilder, and is listed on Euronext Paris by NYSE Euronext. PAI is a leading European private equity firm with approximately €7 billion under management.