Last Posted: Jun 3, 2022 3:22:22 PM
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The public company pays 62.3 million to Corporación Financiera Alba to raise its position in the group chaired by Marc Murtra to 23.4%
The State Industrial Participation Society (SEPI), the industrial arm of the State, has acquired from Corporación Financiera Alba, the holding company of the March family, the 3.2% it held in Indra for 62.3 million euros, as reported the investment vehicle of the Marches to the National Securities and Markets Commission (CNMV). With this purchase, SEPI raises its position in the Spanish technology company to 23.8%, in which it announced that it aspired to control up to 28% of the capital.
“Alba Financial Corporation informs that it has sold to SEPI a total of 5,663,103 shares of Indra, representing 3.21% of its share capital, at a price of 11 euros per share, which represents a total amount of 62 .3 million euros and obtaining, in the current year, an accounting capital gain before taxes of 8.4 million euros”, the holding company explained to the stock market supervisor. “Alba, one of Indra’s main shareholders since 2009, completes with this sale the divestment of his stake in this Company”, he specifies.
The operation represents an important step for the transition that the company is undergoing after the departure of Fernando Abril-Martorell a year ago to replace Marc Murtra. Upon exceeding 23% of the capital, SEPI will be able to appoint a new member on Indra’s board of directors before the General Shareholders’ Meeting scheduled for June 23. In this way, Murtra will be able to strengthen his power and make some decisions that until now other members of the council had blocked.
The price of 11 euros per share represents a premium of 3% compared to the current price of the technology company. It is also 4% higher than the price of the 5% package that the Alba Financial Corporation sold six months ago to the Basque defense group Sapa. SEPI has authorization from the Government to reach a 28% stake in Indra and consolidate itself as its reference shareholder.
SEPI’s third director at Indra
In the event that the operation is closed before Tuesday, the public entity could add the appointment of a third director to the agenda of the shareholders’ meeting on June 23. SEPI began its purchases on April 9, when the share opened at 9.4 euros. Since then, and despite stock market uncertainties, the value of the share has grown by 13.2% to 10.6 euros at which the titles are trading this Friday.
The SEPI recognized for the first time in the call for the shareholders’ meeting its willingness to add a third director in the Spanish technology company, who joins the former Minister of Industry, Miguel San Sebastián, and the former deputy Antonio Cuevas. In addition, at the shareholders’ meeting the mandate of some of the directors opposed to Murtra expires, which will facilitate the transition.
A little over a year ago, the entity promoted a change at the head of the company that led to the departure of Fernando Abril Martorell as executive president and the entry of Marc Murtra as his replacement. The council did not welcome the movement at the top and promoted a new governance model, limiting the executive powers of the president and establishing two CEOs, one for the defense part and the other for Minsait, the subsidiary that groups the digital business.
Since then, Murtra has tried to regain the power that his predecessor had in the company in order to reorganize the group and promote a new strategic plan that involves relaunching the defense division. The bicephaly in the company caused some friction that ended with the resignation of Cristina Ruiz, the CEO of Minsait, who alleged personal reasons. Ignacio Mataix, the head of the defense division, remains as CEO.