The Government asks Bain Capital to leave a period of six months open for Indra to participate in ITP Aero

Indra Tecnocom

BancaMarch | The Government has made a request to US fund Bain Capital for a window of an additional six months, with the aim of incorporating a Spanish partner, presumably Indra, into the shareholding of Basque airplane engines manufacturer ITP Aero. This is according to several media reports.

Bain anticipates closing the acquisition of ITP in June. Thence the request for an additional time period so that Indra, in which SEPI holds a 20% stake, can form part of a core domestic shareholding in ITP. In any event, Bain Capital will not give up on its intention of buying at least 70% of ITP. So the Spanish consortium would have to share out the remaining 30%.

Along with Indra, the other national stakeholders could include Sapa, a defence company based in Guipuzcoana, and JB Capital, Javier Botín’s investment boutique. They would take a stake of 5-10% each.

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