Renta 4| Indra (IDR) has reached an agreement to acquire 9.5% of ITP Aero for €175 million. This stake values 100% of ITP at €1.842 billion, slightly above the €1.8 billion it paid to Rolls Royce in September 2022.
The deal will be executed in the coming weeks.
Indra will be represented on the Board and will account for this stake in financial results.
Indra and ITP Aero have reached a framework agreement to collaborate by leveraging their capabilities, including the FCAS project (future European air combat system).
Assessment: Expected news although investors have never been very supportive of this operation. The strong performance of the shares (+27% in 2023) could lead to some profit taking. P.O. EUR 15.4. OVERWEIGHT.
