An American investment firm has joined forces with one of the remaining bidders for Cala Group, the privately owned housebuilder which has been put on the market.

Sky News understands that Sixth Street has teamed up with Patron Capital Partners – Cala’s former owner – in an effort to trump a rival offer from Persimmon, the FTSE-100 housebuilder.

Sources said that Legal & General (L&G), which has owned Cala since 2018, was expected to make a decision imminently about which of the two bidders to sell it to.

L&G could yet opt to retain ownership if neither of the final bids for the housebuilder match its price expectations.

Antonio Simoes, the new chief executive of L&G, recently confirmed that Cala had been earmarked for sale.

He outlined the move alongside a number of measures aimed at simplifying the company.

Read more:
Former Cala owner Patron joins race for £1bn housebuilder
FTSE-100 housebuilder Persimmon weighs £1bn bid for rival Cala
Housebuilder Cala revives £700m sale after Chinese bid fails

Grenfell Tower: Landmark report finds government ignored warnings about fire risks of high-rise buildings

Nvidia-led slump hits global stock markets

Money blog: Roaming charges for all major networks listed

Analysts expect Cala to fetch up to £1bn.

The latest stage of the Cala auction comes amid a flurry of corporate activity in the housebuilding sector.

Be the first to get Breaking News

Install the Sky News app for free

Keep up with the latest news from the UK and around the world by following Sky News

Bellway recently abandoned a bid for Crest Nicholson, while Barratt Developments is completing a £2.5bn deal to acquire rival Redrow.

L&G and Sixth Street declined to comment.

Related posts:

Bank of England governor highlights worker shortage worry as recovery seen ‘levelling off’ Davidson Kempner takes stake in ‘buy now pay later’ provider DivideBuy Centrica marks further UK shift away from oil through sale of Norwegian assets M&S enjoys ‘strong’ Christmas but ASOS hit by supply woes during festive season KPMG hit by latest in string of fines over Rolls-Royce bribery scandal Wine retailer offers year’s supply to customers who help them find perfect locations for new stores Slashing oil production is a big two fingers to the US – but will it backfire for Russia? Morgan Stanley veteran Rooney to become CEO of digital wallet provider HyperJar BMW ‘optimistic’ UK-EU vehicle export tariff rules will be eased Sony unit backs British insurance start-up Urban Jungle Profit warnings, motor insurance rises and the mental health of CEOs Government borrowing above expectations and highest since pandemic as public sector pay rose