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

IndraSilvia Iranzo resigns leaving just 2 independent board members at Indra

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.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.