Legal & General acquired Patron Capital and management’s interests for a total of £315m plus additional transaction costs and financial adjustments to reflect the contribution of management and Patron during the period of the joint ownership.

Patron Capital and Legal & General acquired Cala Homes in 2013 and have seen revenue grow threefold in the last four years under their joint ownership.

The Macfarlanes team for this matter was led by corporate and M&A partner Justin Hope with assistance from corporate and M&A solicitor Elaine O’Neill. Tax advice was provided by partner James McCredie alongside senior solicitor Sarah Shucksmith and solicitor Alex Ereira.