Renta 4 | Indra is reportedly in advanced negotiations with the Apis Partners fund to sell Minsait’s payments division.
In recent months, Indra has already negotiated its sale to Pollen Street and Cinven, among others, without reaching an agreement.
The valuation could be around €400 million, which could reach €450 million including target payments. This valuation is lower than the €600 million at which it was initially valued.
Minsait Payments is estimated to have closed 2024 with revenues of €210 million and EBITDA of over €50 million.
Assessment: We believe that Indra’s management is very interested in divesting Minsait Payments in order to focus on the management of other divisions such as Defence. In principle, we do not expect any impact on the share price once Indra has already negotiated its sale unsuccessfully. P.O. €45.0. Hold.
