Clifford Chance advises on Neinor Homes’ takeover bid for Aedas Homes

Clifford Chance has advised Banco Santander and Banco Bilbao Vizcaya Argentaria on the issuance of bank guarantees in connection with Neinor Home’s public takeover bid for Aedas Homes.

The takeover bid is backed by a robust financing structure combining equity and debt, including a capital increase via an accelerated bookbuilding process and the planned issuance of senior notes. To secure the €932 million offer consideration, the bidder provided a cash deposit and two bank guarantees issued by Banco Santander and BBVA. These guarantees, required for the purposes of launching the takeover bid, reflect the financial strength and strategic commitment behind the transaction.

This transformative deal marks a major milestone in the consolidation of the residential property market in Spain. Neinor submitted the request for authorisation of the takeover bid to the CNMV on 11 July 2025, with the bank guarantees issued on 14 July 2025.

Advisors

The Clifford Chance team advising on the transaction was led by Global Financial Markets partner, Epifanio Pérez and senior associate Ignacio Magariños, with support from trainee lawyer Marco Martínez.

The Luxembourg aspects were handled by Global Financial Markets partner, Mark Mehlen, senior associate Hilda Bertamé, associates Javier Fernández-Becerra and Kenza Yaici. Additional advice was provided by María Luisa Alonso (counsel, Global Financial Markets), Roberto Grau (counsel, Tax), Javier Olábarri (counsel, Corporate), Francisco Pizarro (senior associate, Global Financial Markets) and Laura del Campo (senior associate, Litigation), ensuring seamless cross-practice and cross-border execution.