The merged company will boast an annual turnover of £0.7bn and total balance sheet assets of £6.0bn.
Brendan Sarsfield, chief executive of Family Mosaic, will become chief executive of the merged company as Stephen Howlett, chief executive of Peabody, had already decided to retire.
Lord Kerslake, chair of Peabody, will become chair and Ian Peters, chair of Family Mosaic, will be vice chair. The new group will be called Peabody.
In a joint statement, Lord Kerslake and Ian Peters said: “The new group will build on the track record, capabilities and shared values of Peabody and Family Mosaic to create a truly distinctive organisation.
“Our combined scale and London focus will enable us to do more together than we could achieve alone.”
The firms believe the merger will help deliver services tailored to the needs of local residents, investing in local communities beyond our homes and provide care and support services in London and the South East, to enable more residents to live independently for longer.
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