Neinor Homes («Neinor»), the company listed leader in the residential development market in Spainannounces that it has successfully completed the first voluntary Public Acquisition Offer on AEDAS Homes (“AEDAS”), reaching a 79.20% stake in the company after the acquisition of 34,610,761 shares at a price of €21,335 per sharewhich represents a total investment of approximately €740 million. The offer acceptance period extended between November 27 and December 11, and it is expected that the settlement of the offer will take place on December 22.
Following the completion of the offer, the deputy CEO and CFO of Neinor, Jordi Argemiwill join the Board of Directors of AEDAS Homes, replacing Eduardo D’Alessandrocouncilor appointed by Castlelake.
By acquiring the 79.20% stakeNeinor achieves its main objective in the AEDAS acquisition process, completing this phase of the operation in an agile and orderly manner. As previously communicated to the market, Neinor has committed to launch a subsequent mandatory Takeover Offer at a price of €24.00 per sharewhich represents a premium of 12.5% over the voluntary offer price, subject to authorization from the CNMV. The price of €24.00 corresponds to the latest quote for AEDAS prior to the announcement of the voluntary takeover bid (adjusted by the dividend paid in July) and takes into account the applicable regulatory provisions. This second offer will be launched as soon as the corresponding regulatory authorization is obtained, with the aim of maximizing acceptance among minority shareholders and increase Neinor’s participation in the company in an accelerated time frame.
Beyond the strictly transactional aspects, Neinor emphasizes that the acquisition of AEDAS reinforces its position as the leading listed residential platform in Spain, providing Greater scale, capital efficiency and long-term visibility at a decisive moment for the sector. The company reiterates that this acquisition will allow it to fully focus on its main mission: developing affordable homes.High quality throughout Spain and generate long-term sustainable value for all its stakeholders.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: “We are very satisfied with the result of this first offer.a, which allows us to ensure a controlling interest in AEDAS, meeting the deadlines and objectives communicated to the capital markets last June.”
Jordi Argemideputy CEO and CFO, added: “This milestone represents a clear turning point for Neinor and the Spanish residential sector.by positioning ourselves to create the largest residential developer in a highly fragmented market and generate significant long-term value for our shareholders.”