Indra and Bain Capital reach an agreement to purchase a 9.5% stake in ITP Aero

Indra and the US fund Bain Capital have agreed to acquire a 9.5% stake in ITP Aero, a world leader in aeronautical and industrial engines, for 175 million euros.

Indra and ITP Aero have also reached a framework agreement establishing the basis for a strategic technological collaboration with the aim of enhancing their value, taking advantage of synergies and promoting the joint development of systems and technologies, including developments resulting from cooperation in the FCAS, the future European air combat system programme, in which Indra is the national industrial leader. 

With this acquisition, Indra will enjoy the usual rights for a minority shareholding of this size, including representation on the Board of Directors.

"The entry into ITP Aero's capital has a clear industrial vocation and represents a new step in Indra's new growth strategy to become the leading company in the Spanish Defence sector, with the aim of guaranteeing the strategic autonomy and technological sovereignty of our country. This operation also gives both Indra and ITP Aero greater strength, expands their technological capabilities and their opportunities to compete with large companies in the aerospace and defence markets," said Marc Murtra, Indra's CEO. 

Indra's CEO, José Vicente de los Mozos, highlights that "this operation reinforces our position as the leading contractor in the Defence and Security sector, with a key role as coordinator of many of the Spanish and European Defence programmes. We will continue to foster collaboration and cooperation with other companies, as we have already done with ITP Aero, Navantia and Tecnobit, to build a strong industrial ecosystem that can assume the relevant role that corresponds to our country in Europe and on a global scale". 

Ivano Sessa, Head of Bain Capital, said: "We welcome Indra as a shareholder of ITP Aero. Since our acquisition, ITP Aero has had a successful journey of growth and internationalisation and we believe this event marks an important strategic milestone for ITP Aero. We believe that Indra's support, together with IVF, will further strengthen ITP Aero's position as a leading player in the global A&D landscape". 

For Carlos Arzola, CEO of ITP Aero, "with the incorporation of Indra as a shareholder and the technological collaboration framework agreement, ITP Aero continues its growth path, driven by the recovery of civil aviation - air transport has almost fully recovered from the consequences of the COVID-19 pandemic and airlines are announcing large orders to increase and renew their fleets - as well as the strong demand in the defence business. This agreement increases the synergies between the two companies and will support our continued growth and investment in capabilities across the A&D value chain. 

The deal is expected to be completed in the coming weeks. The incorporations of Indra and IVF fulfil the obligations to the Spanish and Basque governments in terms of governance, location in the Basque Country and maintenance of employment, boosting its industrial capacity, technological and R&D capabilities. 

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