Bankinter | Bestinver is the investment fund subsidiary of the group controlled by the Entrecanales family, which manages a significant portion of the family’s wealth and that of thousands of other investors, both institutional and retail, and has assets under management of €7.64 billion.
Bestinver closed 2025 with an EBITDA of €55 million (up 8%) According to press reports, Acciona has in recent months been in contact with various financial institutions seeking to expand in the asset management segment in Spain, which might consider the potential acquisition of a management firm of Bestinver’s size—which is the largest independent firm in the Spanish investment fund market—to gain scale.
Bankinter’s analysis team’s view: The transaction would make strategic sense, although the value of the asset is limited relative to the group’s size. The sale would make strategic sense as Bestinver is unrelated to the group’s core activities in energy, infrastructure and services. Furthermore, it would enable the group to reduce its debt. This is not the first time there have been rumours regarding the sale of this asset management firm.
A valuation of €600 million for Bestinver would represent a multiple of 10.9x 2025 EBITDA and 7.8% of assets under management, which appear to be attractive ratios for this type of asset. Acciona’s market capitalisation at current prices stands at €13.231 billion, meaning Bestinver would account for 4.5% of the total.
