Neinor Homes Plans $1.24 Billion Takeover of Aedas Homes, Spain's Largest Residential Deal

Spanish homebuilder Neinor Homes has launched a €1.07 billion ($1.24 billion) tender offer to acquire all shares of its rival Aedas Homes, a move that would establish Neinor as Spain's largest residential developer with the capacity to build over 43,000 homes. The acquisition includes control of approximately 20,200 homes mainly located in the Madrid region and is backed by Castlelake, Aedas' largest shareholder with a 79% stake, which has agreed to sell at €24.49 per share, adjusted to €21.34 after a planned dividend. Neinor expects the deal to boost its profits by 40% between 2025 and 2027, enabling a nearly 50% increase in shareholder payouts during the same period, while maintaining a conservative leverage profile. The transaction is anticipated to add significant free cash flow and earnings uplift, supporting Neinor's strategic plan and positioning it as a leading European homebuilder with a high-quality land bank. The acquisition is subject to approval by the Spanish National Securities Market Commission and is expected to complete by the end of 2024, financed through a mix of internal funds, capital raising, and loans. This takeover signals a major consolidation in Spain’s dynamic residential real estate market.