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Neinor Homes Nears €1.09 Billion Takeover Bid for Aedas Homes

Neinor Homes plans to back its bid with over €700 million in Apollo debt financing alongside a proposed equity raise.

A la izquierda Borja García-Egotxeaga y Jordi Argemí, consejero delegado y consejero delegado adjunto, respectivamente, de Neinor Homes y a la derecha David Martínez, consejero delegado de Aedas Homes

Overview

  • Neinor Homes is finalizing an agreement with Castlelake to launch a public takeover bid for Aedas Homes in the coming days.
  • The preliminary offer values Aedas Homes at €1.0925 billion based on €25 per share.
  • Apollo Global Management will supply about €700 million in debt, covering around 70% of the required financing.
  • Neinor Homes is evaluating an equity raise to fund its estimated 30–40% share of the deal, having €368.4 million in available cash.
  • The final per-share price may shift following due diligence and negotiations between Neinor and Castlelake.