Morgan Stanley has won its first advisory mandate for Taylor Woodrow since being hired more than two years ago as joint broker to the company, which today revealed plans to merge with rival George Wimpey to create the UK's largest housebuilder.

Details of the all-share deal, which has the backing of both companies' boards, were released today. The tie-up will create the UK's largest industry player, Taylor Wimpey, with a combined market value of roughly £5bn (€7.4bn) and annual revenues of more than £6.7bn, the two housebuilders said in a statement.