Neinor jumps after it offers to buy rival Aedas Homes

Aedas Homes

17/06/2025 08:21

** Shares of Neinor Homes HOME.MC surge about 13% and are on track for their best day ever after the Spanish homebuilder offered to buy all shares of its rival Aedas Homes AEDAS.MC for 1.07 billion euros ($1.24 billion)

** Aedas' largest shareholder Castlelake, which owns 79% of the company, has agreed to sell its stake for 24.49 euros per share, or 21.34 euros per share after a planned Aedas dividend

** "We believe that transaction is very positive for Neinor because it is purchasing at a significant discount to both NAV and our undisturbed valuation of AEDAS," Banco Sabadell says

** If approved, takeover would make Neinor the largest residential developer in Spain and would give it control of around 20,200 homes in Aedas' portfolio, mainly located in the Madrid region

(Reporting by Tiago Brandao)

((Tiago.Brandao@thomsonreuters.com;))