Lennar to buy CalAtlantic Group in about $9.3 billion deal

Mark Elias | Bloomberg | Getty Images

Plasterers stand on scaffolding, back, while a worker walks into the garage of a home under construction at the Lennar Corp. Madison Pointe at Central Park development in Doral, Florida.

Lennar said it would buy smaller rival CalAtlantic in a deal valued at about $9.3 billion, including debt, creating the nation’s largest home builder.

Each share of CalAtlantic stock will be exchanged for 0.885 shares of Lennar Class A common stock, Lennar said on Monday.