Neinor has raised fresh capital to support its acquisition of Aedas, issuing nearly 15 million new shares—around 20% of its capital—at €15.25 per share. This represents an 8% discount to the previous trading price and a 10% premium compared to the share price before the takeover announcement on 16 June.
The accelerated placement, which was nearly six times oversubscribed, attracted over €1.2 billion in demand from institutional investors, with more than 80% of the allocation going to long-only accounts, mainly from Spain, the UK, and the US. Key investors included BlackRock, Norges Bank, Fidelity, and Wellington.
Following the issuance, Neinor will have around 90 million shares in circulation. The free float will increase to roughly €600 million, while the joint stake held by Orion Capital, Stoneshield, and Adar will fall from nearly 69% to around 60%. Originally, Neinor planned to rely on its major shareholders for a €225 million capital increase. However, strong investor interest during roadshows in London and New York led to the broader placement.
Neinor launched a voluntary takeover bid for 100% of Aedas on 16 June, valuing the company at €1.07 billion. The offer price of €24.485 per share will be adjusted to €21.335 after accounting for a €136 million dividend to be paid by Aedas in July. Castlelake, which holds 79% of Aedas, has agreed to tender its shares.
In addition to the nearly €230 million raised through this capital increase, Neinor has available cash and a fully subscribed €750 million senior secured bond issued to funds advised by Apollo. The transaction is expected to close in Q4 2025, pending CNMV approval and other regulatory clearances.
