The brothers Ángel and Javier Escribano, through their company Advanced Engineering & Manufacturing (EM&E), have sold their entire 14.3% stake in Indra, ending three years within the Spanish technology company's capital. Their stake had placed them as the second largest shareholder in the company, only behind SEPI, which controls 28% of the capital. euros.
The operation, executed through a block trade after market close, implies the complete exit of the group from the shareholding of Indra and the loss of its representation on the board of directors.
A millionaire exit
The stake sold, equivalent to 25.26 million shares, was valued at around 1.32 billion euros at market prices, after the stock market close at 52.34 euros per share (+4.8%).
However, the final price of the operation could be slightly lower, as is usual in this type of transaction, which would reduce the effective amount to around 1.255 billion euros, according to market estimates.
In any case, the capital gains accumulated by the Escribanos would be very significant: they invested something more than 380 million euros since their entry in 2023, which would leave profits close to 875–940 million euros.
End of his stage on the Indra board
With the sale, EM&E loses its seat on the board of directors, held until now by Javier Escribano.
The departure occurs weeks after the resignation of Ángel Escribano as executive president of Indra in an extraordinary board meeting convened on April 1st, following the outcome of another board of directors meeting, held the previous week, where he apparently emerged unscathed and strengthened.
Especially when Escribano was summoned to Moncloa by Manuel de la Rocha, director of the Economic Office of the President of the Government, to ask for his resignation.
A movement in full reconfiguration of the defense sector
The operation arrives at a time of strong expansion for Indra, driven by contracts in the defense sector and an order backlog exceeding 20 billion euros.
The divestment occurs after months of tension surrounding the possible integration between Indra and EM&E, a strategic operation for the Spanish defense sector that aimed to reinforce industrial capabilities.
The negotiation, however, was paralyzed after discrepancies with SEPI and Moncloa, and now a period of uncertainty opens as to whether it can be reactivated in the future.
The company is going through one of its best moments on the stock market, supported by increased defense spending in Europe and the awarding of major military programs.
Its shares have reached recent all-time highs of around 62.75 euros, consolidating a strong revaluation in recent years.