Listed Bilbao-based property developer Neinor Homes has announced plans to take over peer Quabit in an operation valued at some €300 mln, including debt.
Neinor said earlier this week that it has received backing from shareholders representing the vast majority of Quabit’s share capital for a merger by absorption of the firm to create a leading Spanish residential property specialist. The merger will be carried out through the swap of one Neinor ordinary share with a face value of €10, for each 25.9650 Quabit Class A Shares, each with a face value of €0.5.
As part of the deal, Neinor will also seek an agreement with the shareholders of the Quabit Class B shares to pay them off separately at a discount.
If Quabit shareholders approve the deal, they would hold a 7% stake in Neinor, the companies said, while Neinor expects the absorption to produce €200 mln in efficiencies, or synergies, over the next five years.
In a statement, Neinor and Quabit said that the deal will create a ‘leader in the Spanish development and residential sector in Spain’ while also creating value ‘by combining the management capabilities of both groups and operational and financial synergies’.
The merged entity would rank among Spain’s top three real estate promoters, with around €2 bn in gross asset value.
Neinor has a share capital valued at €790 mln while Quabit’s share capital amounts to €99 mln. The firm is part-owned by Mexican billionaire Carlos Slim.
