A&O Shearman advises Apollo on Neinor DMP BidCo’s senior secured notes issuance for the EUR 1.07billion takeover bid acquiring Aedas Homes

As part of the offer, Castlelake, owner of 79% of Aedas, has entered into a hard irrevocable agreement to tender its entire stake in the tender offer, providing strong deal visibility and execution certainty.

Completion of the transaction (subject to customary conditions, such as competition clearance) will create the largest residential property developer in Spain, giving Neinor control of around 20,200 units.

Apollo funds are participating in the transaction by committing to subscribed, as original noteholders, a maximum of EUR750m senior secured notes. The proceeds from the issuance will be used, among others, to finance the consideration due under the tender offer and to partially refinance Aedas Group’s existing debt.

The transaction was announced on June 16, 2025 and is subject to CNMV’s approval and satisfaction of certain conditions.

The A&O Shearman multi-jurisdiction and cross-departmental team advising the Apollo-managed funds was led by Annette Kurdian (debt finance partner) in London and Ignacio Ruiz-Cámara (debt finance partner) in Madrid. They were supported, in London, by senior associates Diogo Casqueiro and Thomas Kleba and associate Bonnie Kwok, and in Madrid, by counsel Borja Contreras and associate Victoria Morales. The team also included Ishtar Sancho (tax partner) and Marina Granada (tax senior associate) as to Spanish law tax matters; and Andreas Hommel (partner), Nicolas Madelin (senior associate) and Jaime Rodriguez Garcia (associate) as to Luxembourg law aspects.