ITP UPDATE26 Sep 2021 02:53
SAPA supersedes Sener and agrees with Bain to purchase ITP AeroWithin hours of the deadline, Bain Capital advances an agreement with the Basque defense technology company and with JB Capital open to future incorporationsLucas IrigoyenSeptember 24, 2021 19:44ITP Aero facilities in Zamudio. EPITP Aero facilities in Zamudio. EPAfter a long and complex journey, the ITP purchase operation is ready to be formalized next Monday, September 27, at least the first and most important of its steps. Bain Capital , the investment fund that presented the best offer for the Basque aeronautics owned by Rolls Royce, has reached a preliminary agreement to form the industrial consortium requested by the central and Basque governments. The military technology company SAPA Placencia , based in Andoain, has agreed with the fund its participation to provide that guarantee for the industrial project and the 'roots' demanded by the administrations. JB Capital will also participate in the group, the investment group founded by Javier Bot?n and which has Alberto Garc?a El?as as CEO. According to sources familiar with the process confirmed to ' Cr?nica Vasca ', these will be the actors who participate in the signing of the agreement on Monday, although the consortium remains open for future incorporation of the administrations if they so wish, such as the Basque Government, or public companies . And it is that Bain has offered up to 30% of the shareholding for the companions who want to join the ownership of the new ITP Aero. No other company entries are ruled out, but this has been the point of arrival for this first milestone, once Sener discarded himself from the negotiations . The Basque engineering of the Sendagorta family had been proposed by the Basque Government to participate in the operation, but the high cost of entry, that 30% amounts to almost 500 million euros, the requirements to cover the board of directors and the decision-making veto power, made it impossible to advance. Sources involved in the operation point out that a possible reengagement is not ruled out, but in another phase of the operation. The Basque Government, has asked for several additional guarantees to reinforce ITP's roots in the Basque Country, which the lawyers are studying with the aim of incorporating them into next week's agreement. The objective of the contact process that has been maintained since the end of July, when Rolls Royce opted for the Bain Capital offer ,the strongest, with 1,600 million euros, has been to form a consortium of owners that would comply with the requirements of the Government of Spain. The central executive could hinder the operation due to ITP's strategic profile in defense contracts. In addition, the Basque Government, which has participated with Industry from the beginning of the process, also agreed with the position of seeking guarantees for the operation that would prevent transferring the image that it was a merely speculative operation. Although at all
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