Bankinter | Trilantic Capital, majority shareholder of Pegaso Transportation, received a conditional offer for 29.7682% of Talgo’s (TLGO) share capital. Initial fixed price of €4.15/share, which can be increased to €0.65/share depending on the fulfilment of financial targets in 2027 and 2028.
The Consortium submitting the offer is formed by Clerbil, Finkatze Kapitala Funlatuz, Fundación Bancaria BBK and Fundación Bancaria Vital. The Consortium does not intend to acquire a percentage equal to or greater than 30% of the capital.
A deadline of 15 May 2025 (which may be extended to 16 June) is set for obtaining certain conditions, including due diligence and regulatory approvals.
Opinion of Bankinter’s research team: Non-binding and partial offer, which would not affect all shareholders. The resolution of the corporate situation is still uncertain, but for the time being partial. We maintain our Sell recommendation. Our assumptions remain cautious in view of the increase in leverage (our guidance for the year is between 4-5x EBITDA 2024) due to the need for investments and financing of the portfolio under execution, the evolution of the sanction announced by Renfe, and an environment of margins that have not yet recovered the levels of previous years.
