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Quabit closes purchase of 83% share of Rayet Construción
10 October 2019 | Vanessa Sousa

Rayet Construición is now controlled by Quabit, the Spanish real estate company that purchased 82,95% of Quabit’s share capital for 14.4 million euro.

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The news was reported by the Comisión Nacional del Mercado De Valores – CNMV (National Securities Market Commission) this Monday, and it further informed that 30% of that amount ought to be paid in cash and the remaining in bonds from Quabit itself.

The process for purchasing the construction company had already been initiated back in May, when Quabit announced, in a release sent to CNMV, its intention of integrating a unit connected to construction, so that it could overcome the recurrent delays in delivering new buildings. At the time, the company placed a 13.1 million euro bid for an equal share of the construction company.