Slaughter and May and Clifford Chance (CC) have bagged lead roles on the proposed £5bn merger of Taylor Woodrow and George Wimpey announced today (26 March) – a deal that would create the largest house-building group in the UK.

Slaughters, which has advised both companies in the past, is acting for Taylor Woodrow on the bid, with corporate partner Jeff Twentyman leading the team for the magic circle firm.

CC is advising Wimpey, field a team headed by corporate partner Guy Norman.

The deal represents a second major instruction from the client for CC, which advised Wimpey earlier this year on an unsuccessful bid for rival Wilson Bowden.

Wilson Bowden subsequently agreed a £2.2bn merger with Barratt Developments, announced last month. Slaughters advised Barratt on that deal, while Wilson Bowden was represented by Freshfields Bruckhaus Deringer.

The latest deal would would create a company with annual revenues of almost £7bn, building around 22,000 houses in the UK and 9,000 in the US each year. Fifty-one percent of the combined group – which will be known as Taylor Wimpey – will be owned by Taylor Woodrow shareholders, with Wimpey shareholders retaining a 49% stake.