Neinor Homes has obtained the final regulatory approval required to complete its takeover of Aedas Homes, after Spain’s securities regulator, the CNMV, authorised the mandatory tender offer launched for minority shareholders. The offer, approved by the CNMV board at its meeting on Tuesday, is priced at €24 per share and was formally announced by Neinor on 21 December 2025, marking the last step needed to consolidate full control of the residential developer.
The €24-per-share price represents a 12.5% premium over Neinor’s initial offer made in June, when it agreed to acquire a 79.2% stake in Aedas from US fund Castlelake at €21.3 per share. That transaction secured effective control of the company, triggering the obligation to extend a takeover bid to the remaining shareholders. The revised offer is now addressed to approximately nine million shares, equivalent to 20.8% of Aedas’ share capital, and will be settled entirely in cash.
According to the CNMV, the offer price complies with Spain’s “fair price” rules set out in the Securities Markets Act and the takeover bid regulations. As a mandatory offer, it is not subject to any conditions. To guarantee the transaction, Neinor has deposited €118 million with Banco Santander and provided additional bank guarantees totalling €100 million, issued by Banco Santander and BBVA. The acceptance period will run for 29 calendar days, from 30 January to 27 February.
Borja García-Egotxeaga, chief executive of Neinor, said the authorisation was fully aligned with the roadmap communicated to the market. “Following the acquisition of control, this step ensures full compliance with all applicable regulatory requirements,” he noted, underlining the company’s commitment to completing the transaction in an orderly and transparent manner.
For Neinor, the clearance allows the group to move beyond the transactional phase and focus on operational integration and growth. Jordi Argemí, deputy CEO and CFO, described the approval as a key milestone that enables the company to “turn the page” and concentrate on managing Spain’s leading residential development platform, while continuing to grow in a disciplined way and in line with its strategic objectives.
