MADRID, Jan 12 (Reuters) - Shares of Spanish housing developer Quabit surged 15% on Tuesday after real estate promoter Neinor Homes agreed to buy the company part-owned by Mexican billionaire Carlos Slim.
The merger deal values Quabit at around 62 million euros ($75.35 million), excluding debt, above its market capitalisation of 54 million euros as of Monday’s close.
Earlier this month, Mexican billionaire Carlos Slim bought a minority stake in Quabit, increasing his bet on the Spanish real estate sector.
If Quabit shareholders approve the deal, they would hold a 7% stake in Neinor Homes, the companies specified in releases to Spain’s market regulator, while Neinor expects the absorption to produce 200 million euros in synergies over next five years.
The shares of Neinor Homes, one of Spain’s largest promoters, rose 1.3% to their highest levels in over four months on Tuesday, with brokers Capital Markets noting that the merged company’s gross development value would reach 4.5 billion euros ($5.47 billion) once all assets have been transferred.
$1 = 0.8228 euros Reporting by Clara-Laeila Laudette, editing by Andrei Khalip