BFC Financial Corp. has agreed to acquire its real estate subsidiary, Woodbridge Holdings Corp., a separately traded public company formerly known as Levitt Corp.

BFC, the Fort Lauderdale holding company that has a controlling stake in BankAtlantic Bancorp, already owns almost 22.5 percent of Woodbridge’s Class A shares and all of Woodbridge’s Class B shares, giving BFC 59 percent of Woodbridge’s total voting power.

Under the deal, Woodbridge’s Class A stockholders — not including BFC — will receive 3.47 shares of BFC’s Class A stock for each share of Woodbridge’s Class A stock. BFC’s Class A shares closed at 40 cents on Thursday, while Woodbridge’s Class A shares closed at $1.10.

* Full story available on The Miami Herald