Talgo seals the agreement with the Basque consortium for the sale of 30% of the capital

MadridAfter months of uncertainty, the Basque consortium formed by Clerbil, the company of Basque businessman and president of Sidenor, José Antonio Jainaga; the Basque government's public fund Finkatuz; and the BBK and Vital banking foundations, shareholders of Kutzabank, have finalized the agreement to acquire 29.76% of Talgo from the British fund Trilantic, as reported by the train manufacturer to the Spanish National Securities Market Commission (CNMV) this Friday. The deal involves a payment of €156.7 million, as reported by Talgo, which corresponds to the fixed portion of the preliminary agreement signed last February.

The operation involves the acquisition of 36.86 million shares at a fixed price of €4.25 per share (initially considered at €4.15), bringing the initial outlay to €156.7 million. A second disbursement, associated with a variable tranche of €0.85 per share, would then be made, representing an additional €31 million. In fact, the closing of the operation is not expected until January 31, 2026, once the financing conditions and agreed-upon coverage are met. It is worth noting that the operation has the financial backing of SEPI, the Spanish government's investment arm, as well as guarantees from CESCE, another state-owned entity. This move, however, comes at a very delicate time for Jainaga. The investigating judge of the National Court, Francisco de Jorge, has opened an investigation against the president of the steel company for alleged crimes of smuggling and complicity in a crime against humanity or genocide related to the sale of steel to the Israeli company Israel Military Industries (IMSI), a subsidiary of the Israeli company. The executive is summoned to testify on November 12 in Madrid.

This signature confirms the preliminary agreement reached on February 14 between Trilantic and Sidenor for the purchase of 29.7% of the train manufacturer's share capital, coming almost four months after the Spanish government and the Basque government They agreed that SEPI, the investment arm of the central government, would participate in the takeover of Talgo.Although at the time, no details were given about the nature of this participation. At the end of July The council of ministers gave the green light The entry of the state-owned investment company into Talgo with a 7.8% stake, which at €4.25 per share was equivalent to €45 million. This operation aimed to facilitate the final purchase, announced today, by the Basque consortium led by Sidenor, of a 30% stake. Talgo will now convene an extraordinary general meeting of shareholders, which must approve the company's new financing structure.