Apr 1 (Reuters) – The shareholders of Spanish real estate companies Quabit and Neinor Homes gave their approval at a meeting to the merger of both entities, according to the companies in separate statements.
The merger deal values Quabit – partly owned by Mexican billionaire Carlos Slim – at about 62 million euros ($ 75.35 million), excluding debt.
Following the transaction, Quabit shareholders will have a 7% stake in Neinor Homes.
Neinor expects the merger to produce 200 million euros in synergies over the next five years.
Shares in Neinor Homes, one of Spain’s largest developers, rose 1.3% to their highest levels in more than four months on Tuesday.
Capital Market brokers noted that the gross development value of the merged company would reach 4.5 billion euros ($ 5.47 billion) once all assets have been transferred.
(1 dollar = 0.8228 euros)
(Information by Tomás Cobos; edited by Darío Fernández)