Banco Sabadell | According to press reports, Amber Capital, Indra’s fourth largest shareholder with a 7.24% stake, continues to support the potential merger of the company with Escribano. These statements come just after press reports about the government’s reluctance to approve a deal that it considers problematic due to a conflict of interest. We recall that the company has created an ad hoc committee to review the operation, with a view to avoiding conflicts of interest, and that in December the Board of Directors voted unanimously that the purchase of Escribano is ‘consistent with Indra’s strategy’.
Assessment: We do not expect any impact. According to press reports, this shareholder has always supported the potential transaction. We believe that in order to fully assess the merits of the transaction, it would be necessary to wait for the valuation of the asset, which, according to press reports, could be expected in March/April 2026, once the 2025 audits have been completed.
