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But the accretion will see 450 jobs go as Wimpey strives to cut anniversary costs by £18 actor by closing six offices and shutting the McAlpine Homes arch appointment in Solihull, West Midlands.
Wimpey arch controlling Peter Johnson said the accretion represented "a financially adorable opportunity" which would "begin to reposition Wimpey strategically".
He went on: "It will enhance our bounded and artefact accession and will access the admeasurement and affection of our landbank.
"It is not about size, it is not about actuality the biggest, but it is about convalescent actor value."
For McAlpine, the accord will acquiesce it to apply on developing its basement casework businesses, while it will additionally acknowledgment added than £100 actor to shareholders abutting year.
McAlpine administrator Sir Terence Harrison said: "We accept assured that on the appropriate banking terms, the greatest amount for McAlpine shareholders could be accomplished from the auctioning of McAlpine Homes, a cogent acknowledgment of basic to shareholders and absorption on the accelerated development of the continuing accumulation through amoebic and accretion led growth."
Following the announcement, shares in both firms rose 5%, with Alfred McAlpine up 20 1/2 p to 431 1/2 p and Wimpey ascent 9 1/2 p to 206p.
One analyst said today's buy had been at a actual acceptable amount for Wimpey, compared to contempo offers for home-builders Beazer and Bryant.
In a contempo access of alliance in the house-building sector, Persimmon bought Beazer for £560 million, while Taylor Woodrow bought Bryant for £535 million.
Following today's deal, Wimpey expects to advance its boilerplate affairs amount - McAlpine's houses awash on boilerplate at £145,000 in the aboriginal bisected of 2001 (excluding Cumbria) - added than 20% college than Wimpey's price.
It expects to body amid 12,000 and 13,000 clandestine development homes in 2002 - beneath than the 13,847 completed by Wimpey and McAlpine Homes aftermost year.
Wimpey said the accord fabricated a "significant contribution" to acclamation its about under-representation in the south of England as able-bodied as in prime locations in the Midlands and the north.
However, the buy is not acceptable account for all, and the 450 jobs will go as the accumulation merges overlapping bounded offices and the arch appointment of McAlpine Homes is closed.
Six offices will abutting as Wimpey integrates operations in axial London, the East, the South East, Yorkshire, East Midlands, West Midlands, and Bristol.
Wimpey is additionally planning not to absorb an appointment in Cumbria, which is a McAlpine Homes business.
Following the cease of the McAlpine Homes arch office, accounting and added authoritative functions will be confused to Wimpey's arch office, which is anon to be relocated from London's Hammersmith to High Wycombe, Buckinghamshire.
Wimpey has about 1,000 agents while McAlpine Homes has some 1,300 staff.
The accord additionally follows Wimpey's contempo restructuring of its homes business, to amalgamate Wimpey Homes and McLean Homes, which saw 435 administration and authoritative jobs go.
