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Neinor to Acquire Quabit After Creditors Owed €50 Million, Including Sareb, Are Paid Off at a Discount

Neinor will use treasury stock and a capital increase to buy Quabit in an operation that values the firm at 370 million euros, including debt.

Neinor Homes CEO y CEO adjunto 1024x739 2
Borja García-Egotxeaga, CEO of Neinor Homes, and Jordi Argemí, Deputy CEO and Chief Financial Officer.

The listed property developer Neinor Homes announced on Monday that it is buying one of its listed rivals, Quabit, in a merger by absorption that will involve the payment of a premium of almost 20%. Neinor will control 93% of the resulting company, while the current shareholders of Quabit will retain the remaining 7% of the share capital, in an operation that values the company at between 360 and 370 million euros (including debt).

The operation will take place once the creditors of the target company have accepted discounts on the debt owed to them, which amounts to 50 million euros in total.

Read the full article in Spanish.

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