Under the terms of the combination deal, Countryside shareholders will, in aggregate, receive over 128 million new Vistry shares.

Immediately following the completion of the transaction, Countryside shareholders will own approximately 37% of the ordinary share capital of the combined group.

The deal is expected to create a combined top tier housebuilder and a leading partnerships business with capability across all tenures, including the delivery of affordable housing.

The combined group will be led by Vistry’s CEO Greg Fitzgerald.

"This proposed combination has a highly compelling strategic rationale; it will create a leader in the partnerships housing sector, with the scale and expertise to accelerate profitable growth across both partnerships and housebuilding and expand the delivery of much-needed affordable housing across England,” said Greg.

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“It will add the strength of the Countryside brand to Vistry's own well-established Bovis Homes and Linden Homes brands and will leverage the skills and market knowledge of both the Countryside and Vistry teams.

“We welcome the support of the Countryside board and the support we have already received from a significant proportion of Countryside shareholders for the combination."

Douglas Hurt, chairman at Countryside, added: "The combination will create a leading, enlarged partnerships business and is an opportunity to leverage both Countryside's brand and placemaking experience with the growing Vistry partnerships business, alongside Vistry's established housebuilding business. 

“The scale of the combined group will enable the delivery of synergies, operating efficiencies and further growth for the benefit of Countryside and wider stakeholders.”