The sale of Linden Homes and Galliford Try Partnerships was achieved in a transaction valued at approximately £1.1 billion, including shares, debt transfer and a £300 million cash payment.

The two companies announced on September 10 that their boards had reached agreement in principle on a deal, the details of which were fleshed out in November ahead of a vote by shareholders.

The deal creates a group which is able to deliver more than 12,000 homes a year, and leaves Galliford Try as a standalone construction business, concentrating on its main markets in building, highways and environment.

Bill Hocking, formerly chief executive of Galliford Try’s Construction and Investments business, has been appointed chief executive of Galliford Try Holdings plc, a newly-listed entity replacing the previous Galliford Try plc on the London Stock Exchange.

He has been joined on the new executive board of the business by finance director Andrew Duxbury and general counsel and company secretary Kevin Corbett.

Ian Jubb, managing director of building, Vikki Skene, HR director and Mark Baxter, managing director of investments and specialist services also become members of the executive board.

The current plc board, led by non-executive chairman Peter Ventress, remains in place, with Bill Hocking joining in his role as chief executive.

Mr Hocking said: “I’d like to thank everyone involved in achieving the challenge of demerging our businesses. We have struck a favourable deal for our shareholders and one that will benefit both ourselves and Bovis Homes for years to come.

“I am excited by the bright future that lies ahead for Galliford Try as a well-capitalised, standalone, agile business and I look forward to working with our stakeholders to achieve our mutual objectives.”