Legal & General (L&G) has announced the sale of its housebuilding subsidiary, Cala, back to its former owner for £1.35 billion. The deal, involving investment firms Sixth Street Partners and Patron Capital, will see L&G receive £1.16 billion, with the rest attributed to Cala’s net debt. L&G's CEO, Antonio Simoes, stated this move is part of a strategy to simplify the company’s portfolio, noting Cala's profits have increased significantly during their ownership. Cala's CEO, Kevin Whitaker, expressed confidence in the company’s future growth under the new partnership. The completion of the sale is anticipated by the end of 2024, as Cala continues to focus on building high-quality homes in the UK. Meanwhile, L&G shares fell by nearly 2% following the announcement.