RE: ITP15 Jul 2022 13:13
After the controversy generated in Indra after the shareholders meeting, the purchase of ITP Aero by Bain Capital begins to take other paths. The possibility that Indra will be included has been fading in recent weeks -without being completely ruled out- and the option of SEPI itself and the Basque Government through the Basque Institute of Finance (IVF) has been gaining strength. who complete the consortium of the Basque aviation engine manufacturer after a few weeks in which Lakua came to have a foot and a half out of the operation.
Now the North American fund that will lead the ITP Aero consortium has been looking at other options for an operation that could receive the green light from the Board of Foreign Investments even next week with the idea that the central government authorizes the purchase of Bain from Rolls-Royce before the holiday break. In fact, as published this Friday by El Confidencial, the American fund has already decided who is going to be the replacement for Josep Piqué at the head of the company. It will be the Catalan financier Juan María Nin, former CEO of Caixabank.
Nin is thus emerging as president of a firm that could unite the consensus among future shareholders. Linked to the Basque Country due to his time at the University of Deusto, president of Hábitat -the real estate company was Bain Capital's first investment in Spain-, director of the French bank Societe Generale and also 'general partner' of Corsair Capital, the proprietary fund that did with Itinere -one of the main highway managers in Spain, with Kutxabank as a shareholder- in 2018.
Nin's appointment will not be the only one in the new ITP board of directors, in which more industrial than financial profiles could be imposed, something that could fit more with the interests of public administrations. To date, the Basque manufacturer's consortium has 15% covered between JB Capital and SAPA. SEPI and IVF could be the ones to fill up the remaining 15% if the Indra route is completely discarded in a strategic company: the Basque manufacturer has been one of the main players in the manufacture of the Eurofighter and is also part of the consortium that is already working in the FCAS, the aircraft that will replace the current European combat aircraft.
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