The state will contribute $75 million to Talcon and it will be done with a 7.8% stake through the SEPI
The strengthening of capital will pave the way for the company headed by Jainaga to acquire 29.77% of Talgo, making Sidenor the main shareholder.
The State Company for Industrial Holdings (SEPI) will enter the capital of Talgoby means of a capital expansion that will lead to the control of 7.8% of the capital (45 million euros), and will also subscribe to a debt issue of 30 million euros, so the contribution will be 75 million .
Talgo has informed the National Securities and Exchange Commission (CNMV) that it has "invited" the SEPI to join recapitalizationthrough these two instruments: the purchase of 10.58 million shares (4.20 euros per title) that will allow it to control 7.87% of the capital at the close of the expansion and the subscription of a debt issue of 30 million euros.
Talgo will also issue another issue for 75 million, which will be signed by investors such as Ekarpen (Basque Government, Kutxabank, the three Member States and Mondragon), the Clerbil Group, the President of Sidenor, José Antonio Jainaga, and the foundationsof the BBK and Vital Funds.
First, however, it will probably have to be approved by the Spanish Council of Ministers on 29 July. The extraordinary meeting of Talgo shareholders must also approve these amendments, which allow the company to be recapitalised with EUR 150 million. This requirement is required by the manufacturer's creditor bank, which accumulates debt of more than EUR 400 million.
Sidenor, one step closer.
The strengthening of capital will pave the way for the company chaired by Jainaga to acquire 29.77% of Talgo, currently in the hands of the instrumental society Pegasus (Trilantic fund and the Oriol family).
The Basque consortium offers the purchase of securities at 4.15 euros per share (five cents less than the price of the SEPI), to which would be added another 0.65 euros, linked to the fulfilment of certain financial objectives by 2027 and 2028.
After this change of stock, Sidenor would be the main shareholder (almost 29.8%), Pegasus would hold just over 7.5%, and Torreal (of the Abello family and originally the Pegason union), 5%.
The purchase, whose pre-agreement was concluded on February 14, was suspended pending recapitalization requested by Talgo's creditor bank, and has now been determined.
The unblocking of Talgo's funding comes a week after Spanish Government President Pedro Sánchez and President Imanol Pradales met in Madrid.
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