NEINOR HOMES: MERGER WITH QUABIT (ANÁLISIS BANCO SABADELL)
Proposed acquisition of Quabit. BUY. T.P. € 12.28/sh. (upside +12%)The company announced yesterday the acquisition of Quabit (QBT) through a share swap (1 HOME x ~26 QBT) as well as a number of agreements with creditors that include debt haircuts. If the proposal moves forward, HOME would increase its land portfolio to +16,000 units (vs. 9,000 previously), with an LTV ratio of +15% before synergies (non quantified). The transaction is subject to approval in the AGMs (March/April’21). Awaiting to learn more details on QBT’s portfolio, we believe that the transaction makes strategic and financial sense for HOME. We expect a positive reception (pending quantification based on QBT’s assets). There will be a conference call at 13:00 (CET).
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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