GA_P will be the legal advisor to Indra in the partial sale of Minsait

Indra has engaged the services of the law firm Gómez-Acebo & Pombo for legal advisory related to the partial sale of its technology subsidiary, Minsait. This follows the appointment of investment banks Citi and Az Capital as financial advisors in late May to manage the partial sale.

Indra, a leading global company in defense, aerospace, and technology, is also a prominent player in digital transformation and information technology in Spain and Latin America through its subsidiary Minsait.

In early March, during the presentation of its new strategic plan, Indra indicated the possibility of involving majority or minority partners in Minsait. The subsidiary contributed over half of the company’s revenue in 2023, generating €2.798 billion out of Indra’s total €4.343 billion, and 48% of the EBITDA, amounting to €214 million out of €446 million.

One of the options under consideration is selling Minsait Payments, the payments arm of Minsait, which could be valued between €500 million and €600 million.

Additionally, there is the possibility of introducing a majority partner into the subsidiary. The specifics of the process and its execution are expected to be finalized in the second half of this year, aiming to proceed with the transaction in 2025.

The introduction of a partner into Minsait is a key component of Indra’s new strategic plan, ‘Leading the Future.’ The company aims to achieve revenues of €6 billion by 2026 and a business volume of €10 billion by 2030, more than double the €4.343 billion reported in 2023.

Indra’s Chairman, Marc Murtra, emphasized during the strategic plan presentation that there is “flexibility” regarding the type of partner (or partners) they are seeking for Minsait. The company is open to both private equity and industrial investors, with the objective of accelerating the subsidiary’s activity and enhancing investment.