The two companies have reached an agreement over an all-share offer from Barratt, which will cement its position as the country's largest housebuilder.
The merged group, to be called Barratt Redrow, is expected to build about 23,000 homes a year and have a turnover of more than £7bn. The combined market value was £7.2bn when financial markets closed on Tuesday.
The deal is supported by both boards and by Steve Morgan, who started Redrow 50 years ago with a £5,000 loan from his father after working on building sites. He still holds 16% of the shares.
Morgan said Barratt was a company he had "long admired", adding that the merger would create a "standout builder" that would speed up the construction of much-needed homes.
Barratt shareholders will retain 67.2% of the whole group, leaving Redrow shareholders with 32.8%.
The Redrow brand will be retained for marketing new homes and its Heritage collection, aimed at more affluent buyers, will be added to the portfolio, which also includes Barratt's more affordable David Wilson Homes.
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