LENB Lennar Corporation (Class B)

Lennar Corp. will buy WCI Communities Inc. for $23.50 per share in a move that combines two of the largest homebuilders in Florida as the housing recovery continues.

The deal values WCI at about $643 million, a 37% premium over WCI's closing share price Wednesday.

"WCI's land portfolio dovetails perfectly with our own Florida footprint and expands our product offering to capture more of the move-up market," Lennar Chief Executive Stuart Miller said.

The officer will be $11.75 in cash and $11.75 worth of Lennar shares.

The deal is subject to approval by WCI stockholdders. A vote is expected to occur in December or January.

Shares of WCI rose 37% in premarket trading to $23.50. Lennar shares were inactive premarket.

In recent quarters, homebuilders have seen increases in average price per home and in the number of homes delivered as the housing market continues its recovery from the 2007 financial crisis.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

September 22, 2016 07:45 ET (11:45 GMT)

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