The company would increase its perimeter in defense with an armament company
MADRID, 24 Abr. (EUROPA PRESS) –
Indra has hired the services of the KPMG consultant to study a possible fusion with Cabineical and Engineering scribe (EM & E), although the latter says that “it is not for sale”, according to various information published lately on Thursday that have been confirmed by Europa Press.
On the one hand, it should be remembered that EM&E is the second largest shareholder in Indra with 14.3% of its share capital, only behind the government, which through the State Society of Industrial Participations (SEPI) has 28%.
Likewise, the president of Indra since January 19 is Angel Escribano, who has 50% of EM & e, while his brother and president of Escribano Mechanical & Engineering, Javier Escribano, has the other half of the EM & E shareholders.
In this context, Indra has hired KPMG services to carry out a ‘Diligence’ aimed at exploring the possibility of merging with EM & e, according to the newspaper ‘Expansión’ and have confirmed to Europa Press market sources.
The sources consulted have also pointed out that the operation would be carried out through a exchange exchange, which means that there would be no direct purchase of EM & e by Indra.
However, the president of EM&E, Javier Escribano-who is also part of the Board of Directors of Indra-has affirmed in statements to the newspaper ‘El Periódico’ that “the Empresa Escribano is not for sale and of course is worth much more than 1,000 million”, in reference to the assessment figures of EM & e that have been published in the last hours.
Europa Press has contacted Indra, KPMG and EM&E and none of the parties has wanted to comment on this information.
Increase its perimeter in defense
The potential fusion with em & e would be to indra to incorporate into its perimeter an armament company, a business in which the company has already expressed interest.
In that sense, Em & e develops, among other products, torques for tanks and armored vehicles, a market the latter in which the company also participates together with Indra, Sapa Placencia and Santa Barbara Systems (owned by General Dynamics) through the Tess Defense consortium, awardee of the manufacturing for the Spanish army of the 8×8 dragon and the vehicle of support chain (empty) around 2 billion euros.
In fact, Indra has created a new subsidiary to manufacture military vehicles (Indra Land Vehicles) and has tried to convert it and manufacture armored in it.
Likewise, it should be noted that Indra will be the company that traccione-well alone or through temporary companies (UTE)-most of the increase in military expenditure in Spain, since the Government has recently announced an increase in investment in defense of 10,471 million euros.
To this is added that Indra has also increased its perimeter of activity in the field of defense to the aerospace sector, which has been completed with the acquisition to Redeia of 89.68% of the Hispasat Satellite Services operator for 725 million euros.
However, as Indra herself has recognized, the most interested part of this operation is to take control of Hisdesat, the Spanish military satellite branch.
In that line, another of the options in the Radar de Indra goes through increasing its weight in the Basque Company of Motors for Itp Aircraft, which already has 9.5%.
In fact, Angel Escribano himself acknowledged at the end of last February, during the presentation of the results of the company corresponding to 2024, that ITP is “a longing” for his company and left in the air the possibility of acquiring it, especially at all, at the moment in which the Bain Capital fund (which has 69.5% of ITP Aero) decides to leave the Basque firm.
