Indra signs a contract with AZ Capital to control the manufacturer of the 8×8 armored vehicle
The group is in talks with Escribano, Santa Barbara and Sapa to acquire at least 51% of Tess Defense.
Indra wants to take control Tess Defensecompany responsible for production, development, marketing and service Wheeled combat vehicle 8×8 “Dragon”, according to three knowledgeable sources consulted by EXPANSIÓN. questionTo this end, the Spanish multinational corporation, which already owns 25% of the shares, is negotiating with Notary (24.33%), Sapa (24.67%) and Saint Barbara (26%) – the remaining three partners of the consortium – will buy out part of their shares.
The group he leads Mark Murtra hired AZ Capital as an advisor in the negotiation process, in which he seeks to take on at least 51% Tess Defense with the aim of consolidating society under its perimeter, a movement that corresponds to what will become one of the main lines of its new strategic plan: grow in defense.
Conversations between Indra, 28% of whose shares are owned by the state through Sepi, and three partners take place in the setting concern in government due to delays in the 8×8 armored vehicle development program, largest army contractwhich involves paying out a little more 2.1 billion euros after 10 years.
After years
The purchase of these vehicles began in 2007, but was delayed for various reasons. The agreement signed with Tess in 2020 – previously it was only with Santa Barbara – provides for the supply 348 units 8×8 this will be implemented gradually until 2030, but the planned time frame is delayed.
Minister of Defense, Margaret RoblesAlready expressed his concern last week when he warned Congress that potential contract violations would have “consequences.”
To take control of Tess Defense and lead the software consortium, Indra plans to buy out some of the shares of the remaining partners. It is not expected that any of them will leave the capital entirely. The company’s shareholders’ agreement provides that decisions are made unanimous between four members of the company, and this aspect will be reconsidered if Indra buys 51%.
In any case, sources interviewed warn that the parties have not yet reached an agreement on the price of the operation, which is still underway. preliminary stages and that Tess Defense could cost around 100 to 200 million euros.
Indra’s acquisition of a majority stake in Tess is also in line with the government’s strategy to transform the company into industrial pole in defense field. The company has already acquired a 9.5% stake in the aircraft engine manufacturer. ITP Aero last summer for 175 million euros. He also entered Epic and, in addition, is studying a possible entrance to the capital Hipasat.
At the next event, Indra will unveil its new strategic plan, called “Leading for the Future.” March 6 in Madrid.. Beyond the growth of the defense industry, the company’s new roadmap, which is being finalized, suggests possible sale of non-strategic assets this hinders the stock’s good performance.
ABOUT Minsaittechnology division of the group, all questions arise. Amber Capitalowner of 7.24% of Indra shares and controlled by Joseph Ugurlian, is advocating the sale of a majority stake in the area for the purpose of distributing extraordinary dividends.
However, the deconsolidation of this division from the Indra perimeter will significantly reduce the size of the group, so the sale of a minority stake is also being considered. Another possibility is the sale of some non-strategic businesses to obtain resources to accelerate defense growth.