Amper has signed a binding offer to acquire 100% of Next Gen Critical Comms, the company that owns Teltronic, for a fixed sum of €155 million and an additional variable payment of up to €45 million linked to the achievement of certain future targets.
Report by Renta 4
Amper (AMP) has announced the signing of a binding offer for the acquisition of 100% of Next Gen Critical Comms, S.L.U., the company holding 100% of the shares in Teltronic for a fixed sum of €155 million, plus a contingent payment (earn-out) of up to €45 million.
The fixed payment is structured as €111 million in cash (open to co-investors) and €44 million through the issue of new shares at €0.23 per share, which will represent 7.75% of Amper’s share capital following the capital increase.
Teltronic is a leading Spanish company in the design, manufacture and deployment of mission-critical radio communications equipment and systems in strategic sectors
Assessment:
Very positive news that fits perfectly with the new Strategic Plan 2026/28. This transaction marks the first and most significant of the inorganic transactions announced by management, reinforcing Amper’s position as a national leader in Defence and Security communications, and delivering significant commercial (Brazil and Mexico) and industrial (access to markets in the United States and Canada) synergies.
In terms of size, the fixed price paid (€155 million) represents 36.9% of Amper’s current market capitalisation (€419.7 million). If we assume full payment of the earn-out (€45 million), the maximum value of the transaction would reach €200 million (47.6% of its market capitalisation).
At an operational level, Teltronic is a company that generates an EBITDA of around €16–18 million. Taking the midpoint, this figure equates to 31.4% of the estimated EBITDA for Amper in 2026 (€54.2 million).
The deal is closing at valuation multiples in line with the market. The press release indicates an EV/EBITDA of less than 9x for the 2025 financial year, which is in line with the multiple at which Amper is currently trading for 2026 (8.6x EV/EBITDA).
We view it positively that the payment in shares is made at a price of €0.23 per share, representing a premium over the current share price.
In terms of debt, we will not be able to provide a final assessment until we know the percentage stake Amper is taking in the company and who the co-investors are. In any case, assuming that Amper will have a mandatory call option for the co-investors’ stake, the entire initial payment of €111 million would be treated as debt. That said, the net debt/EBITDA 26 ratio would stand at around 2.9x.
Following this confirmation, which clears up doubts regarding the inorganic pillar of the strategic plan and substantially expands the company’s scope, we reiterate our Overweight recommendation with a target price of €0.24 per share.
