Andersen advises on the purchase of 29.76% of Talgo
Andersen advises the Basque consortium formed by Clerbil, Finkatze Kapitala Finkatuz, Fundación Bancaria BBK and Fundación Bancaria Vital – Vital Banku Fundazioa on the purchase of 29.76% of Talgo’s share capital for €156,675,604 from Pegaso Transportation International and minority shareholders.
In addition, the firm advice includes a capital increase in Talgo for €45,000,000 subscribed and paid up by SEPI; the issue and subscription of convertible bonds for €105,000,000 in favour of Ekarpen Private Equity; Clerbil; Fundación Bancaria BBK and Fundación Bancaria Vital – Vital Banku Fundazioa and SEPI; and the refinancing of Patentes Talgo for €770,000,000 by a syndicate of banks including, among others, Banco Bilbao Vizcaya Argentaria; Caixabank and ICO, with the participation of, among others, CESCE with the granting of hedging instruments of up to €500,000,000. The total value of the transaction amounts to €1.12 billion.
Talgo’s Shareholders’ Meeting authorised this transaction on 12 December 2025; and after fulfilling the conditions prior to signing, the closing took place at the Carlton Hotel in Bilbao on 17 December 2025. On the same day, the Board of Directors approved the appointment of Javier Gómez Domínguez, partner at Andersen, as the new Secretary of Talgo’s Board of Directors, and appointed Miguel Pérez as deputy Secretary of the same body. It also appointed José Antonio Jainaga Gómez and Maite Echarri López as external proprietary directors, both of whom joined the board at the same meeting.
Advice on this transaction was led by Javier Gómez Domínguez, partner in Andersen’s Commercial/M&A department, together with Miguel Pérez López, senior associate, and Ana Cuerda Yepes, lawyer in the same department.
