Spain's Neinor Homes launches US$1.2bil takeover bid for rival Aedas
MADRID: Spanish homebuilder Neinor Homes has offered to buy all shares of its rival Aedas Homes for 1.07 billion euros (US$1.24 billion), a deal that could shake up Spain's residential property sector.
If approved, the takeover would make Neinor the largest residential developer in Spain, with the ability to build over 43,000 homes in coming years, the company said in a regulatory filing on Monday.
The takeover would give Neinor control of around 20,200 homes in Aedas' portfolio, mainly located in the Madrid region.
Neinor said it expected the deal to boost its profits by 40 per cent between 2025 and 2027, allowing it to raise shareholder payouts by nearly half over the same period.
The deal is backed by Aedas' largest shareholder Castlelake, which owns 79 per cent of the company. Castlelake has agreed to sell its stake for 24.49 euros per share, or 21.34 euros per share after a planned Aedas dividend.
Neinor said it aimed to complete the acquisition by the end of this year and finance it through a mix of its own funds, a capital raise and loans.
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