Cyrela Pays US$958mn For Agra

June 2008 | M&A News Alert

Brazil's biggest homebuilder, Cyrela Brazil SA Empreendimentos & Participacoes (Cyrela) has agreed to pay BRL1.54bn (US$958mn) for Agra Empreendimentos Imobilarios SA (Agra). Demand for homes has increased dramatically, and record home financing in Brazil had grown by 24% by April of this year, following on from 2007's 87% expansion. In response to this demand, the acquisition will allow Cyrela to develop new real estate projects to the value of BRL10bn (US$6.19bn) and increase its land holdings to BRL30bn (US$18.59bn) of potential sales.

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