Today the board of directors for both Pulte Homes Inc. and Centex Corp. unanimously approved a definitive merger agreement under which Pulte and Centex would combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.

The merging of these two homebuilding giants will create the nation’s largest homebuilder, and one that is “positioned for growth through segment and market diversity, streamlined operations and unmatched leadership in customer satisfaction,” Pulte said in the announcement.

In 2008, Pulte and Centex delivered more than 39,000 closings with combined pro forma revenues of $11.6 billion. According to Pulte, the new combined company will have a strong liquidity position among its peer group with more than $3.4 billion of cash as of March 31, 2009.

Source: Pulte Homes Inc.