The Spanish National Markets and Competition Commission (CNMC) has approved Neinor Homes' public takeover offer for Aedas Homes, clearing a key regulatory hurdle for the €1.07 billion transaction. The regulator authorized the deal "in first phase and without commitments" on September 25, according to company filings with Spain's National Securities Market Commission (CNMV). This approval satisfies one of the primary conditions for the acquisition, moving the companies closer to creating Spain's largest residential developer.
Neinor's board of directors has scheduled an extraordinary shareholders' meeting for October 20 to seek final approval for the acquisition of 100% of Aedas Homes. The offer, originally launched on June 16, will see Neinor pay €21.33 per Aedas share after accounting for recent dividend payments. The transaction had previously cleared foreign investment review procedures, with Spain's General Directorate of International Trade and Investments determining on September 23 that the deal did not require prior authorization under foreign investment control regulations.
The combined entity would control a portfolio of approximately 20,200 homes, with half located in Madrid. According to regulatory filings, 13,809 units are currently in production, 9,049 are under construction or completed, and 3,700 are pre-sold with future revenue streams. The merger brings together significant shareholder backing, with Orion European Real Estate Fund, Stoneshield Southern Real Estate Holding II, and Welwel Investments holding 29.5%, 25.7%, and 13.5% of Neinor's capital respectively.
Castlelake, the U.S. investment fund controlling 79% of Aedas Homes, has already committed to accepting the offer, ensuring the transaction's success. The CNMV had admitted Neinor's authorization request for the full acquisition of Aedas shares for processing on July 21. The deal represents a significant consolidation in Spain's residential development sector, creating a market leader with enhanced scale and geographic reach across the country's key housing markets.
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