Brothers Ángel and Javier Escribano sold their 14.3% stake in Indra through an accelerated placement, valued at over 1.3 billion euros. The deal, announced on May 5, 2026, ends three years of shareholding after a conflict with the Spanish Government. Javier Escribano resigned as company director.
The Escribano brothers, through their entity Advanced Engineering & Manufacturing and EM&E, completed the sale of their 14.3% stake in Indra on May 5, 2026. The deal was executed via an accelerated placement, a major transaction in the Spanish stock market akin to Bankia's 7.5% sale in 2014. Indra rose 4.81% that day, closing at 52.34 euros per share, valuing the package at about 1.338 billion euros per Expansión, or 1.320 billion per elDiario.es.
The exit removes hurdles for a potential merger between Indra and their family firm Escribano Mechanical & Engineering (EM&E). Indra's CEO, José Vicente de los Mozos, stated in last week's quarterly results call: "The only thing I can do is wait," regarding resuming talks. SEPI, holding 28% of capital, and allies like Sapa (over 7%), now control nearly 35%, easing shareholder votes.
The dispute arose over Indra's study to acquire EM&E, citing a conflict of interest. Ángel Escribano resigned as president on April 1, 2026, replaced by Ángel Simón. Both firms share defense contracts worth nearly 7.5 billion euros, including artillery and vehicle programs. Lieutenant General José Antonio Gutiérrez Sevilla of the Directorate General for Armament and Material urged on Tuesday to enhance cooperation: "get your act together [...] and above all improve cooperation, so that unproductive energies are not lost in unnecessary competitions and even unnecessary grudges."
