Now, not now. The Indra technology subsidiary, Minsait, is still in the mouth of the entire executive dome of the company. And while they do not agree when discarding or not their sale, totally or partially, l … with conversations with potential buyers continue being present. Thus, as ABC has learned, the proposal that the Apax Partners had put on the table wins whole. Not surprisingly, he was the first of these venture capital vehicles in showing interest now a year ago.
And is that Apax is interested in Minsaitbut in the total of the subsidiary, so the new Indra that Angel Escribano presides decided to stop, at least for the moment, the isolated sale of the Minsait paying business, to include it in the same package of the future full sale and continue in the active search of a new partner.
The consulted sources explain that Apax Partners has continued negotiating with Indrato which it had been directed since even before the company controlled by the Government, through the State Society of Industrial Participations (SEPI), in 28%, made public its new strategic plan 2024-2030.
Until now, the Minsait value, but not including Payments, was estimated between 800 and 900 million euros; while including the payment subsidiary, The figure would amount to 1,500 million.
Nevertheless, The internal debate between the counselors and the company’s managers continues being present and very divided. To such an extent, the decision is so relevant that, in the case of opting for a majority sale, the matrix, which would be reduced only to the defense and security business, would lose two thirds of the business figure. That is, 2.7 billion sales of Minsait, over a total of 4,300 million. In addition, it would stop consolidating the 143 million of the exploitation benefit, so this item would be reduced globally by 42% in the current quoted society.
Knowledgeable sources of negotiations explain that in the possible sale, APAX could not choose to buy The Electoral Process Business Packagegiven its strategic interest for the State itself.
In any case, at the end of February, In the presentation of the accounts Of 2024, the newly appointed president of Indra, Ángel Escribano, far from ensuring that Minsait was once again on sale, or that the conversations were maintained with the potential buyers, recognized that their business areas have the “tail wind” for the geopolitical moment internationally, and claimed that the master lines of the strategic plan presented a year ago, “Leading the Future” need to sell Minsait, which represents 60% of Indra’s income, to invest and grow, so they are “turning” to the operation.
For notary “Minsait is priceless”. The technological division “is very profitable, but it will be more if it is sold well and for everything that is worth”, and more when it now has a transverse role for the rest of Indra.
Both the president and the CEO, José Vicente de los Mozos, flatly ruled out any interest from Telefónica as a buyer of Minsait, as well as the existence of any negotiation between the two groups for an eventual fusion of Telefónica Tech with Indra. In Liza to buy Minsait, therefore, the Bain Capital, Cinven, CVC and APAX Partners funds are followed. That, according to the sources, wins whole.
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