Centex Sells UK Homebuilding Ops

September 20, 2005, 2:00 p.m. EDT 1 Min Read

The Dallas-based Centex Corp. has sold its United Kingdom homebuilding operations and is "exploring strategic alternatives" -- including a possible sale -- for its U.S. subprime home equity group.The company said the sale of its U.K.-based Fairclough Homes unit to The Miller Group, a U.K. housing, property development, and construction company, will result in estimated net proceeds to Centex (after projected foreign and domestic taxes) of about $290 million. Regarding the exploration of strategic options for its subprime home equity group, Centex Home Equity Co., Centex said it has retained Goldman Sachs & Co. to assist in that task and noted that, "There can be no assurance that this initiative will result in a CHEC transaction."

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