JP Morgan has acquired a 10.585% stake in Indra’s capital, which makes the financial institution the company’s second largest shareholder, only behind the State.
The movement occurs after Escribano has increased his weight in the technology and defense firm to 8%, according to the records of the National Securities Markets Commission (CNMV).
The bulk of JPMorgan’s participation is in financial instruments. Specifically, 10.572%. Of this percentage, 8% corresponds to Escribano shares and the remaining 2.5% to other shareholders. Only 0.013% corresponds to direct participation in the company.
In this context, 10.585% of Indra is equivalent to 267.39 million euros at the current market price, with the company’s shares at 14.3 euros at the close of trading this Wednesday.
In this way, JP Morgan is only behind the Spanish State, which has a 25.159% stake through the State Industrial Participations Company (SEPI) – dependent on the Ministry of Finance – in Indra’s capital.
We must remember that on November 24, the Madrid group Escribano Mechanical
Escribano, who has the option of requesting a position on the board of directors of the company chaired by Marc Murtra, defined the movement as a “strategic investment” to increase its position in the defense sector, promote the development of new technologies and capabilities and the creation of “skilled employment” throughout the country.
Both movements have also occurred amid rumors that point to the possibility of Indra spinning off its technology subsidiary, Minsait, valued at around 2,000 million euros, according to different market estimates.
As EL MUNDO reported, the Government has begun to probe the national market in search of a possible investor to guarantee the “Spanishness” of Minsait within the framework of its eventual split from the group. According to several financial sources consulted by this means, the Executive has already initiated contacts, at the level of the Secretary of State, with some Spanish industrialists and family offices, potentially interested in acquiring the division of the Defense giant.
100% of Minsait would be valued at around 2,000 million euros, which means valuing the company at multiples of 10 times the gross operating profit (ebitda). The size of the transaction explains why the Government, according to the same sources, has opened the door in the framework of these conversations to favor the operation through some “soft financing” mechanism.
