The Sapa group, the arms company of the president of the Royal Society, Jokin Aperribay, and his family, has entered the Indra group with 5% of the capital, as reported to the National Securities Market Commission (CNMV).

The Gipuzkoan company has acquired the bulk of the shares held by the Alba Financial Corporation for 90.8 million euros and has become Indra's second industrial shareholder, only behind the State, which it maintains through the Sepi about 20% .

With the entry of Sapa, the March family's investment company left after 12 years in the company. At the moment, the Alba Finance Corporation maintains 3.2% of the capital, but now as a diminishing financial participation, because

the decision of the Marches is to leave the Board of Directors

. They have chosen to leave even though the sale caused them losses.

According to its statement to the CNMV, the sale to Sapa generates losses of 23 million in the Alba Financial Corporation. It has sold at 10.28 euros per share. The exit takes place after the stormy entry into the presidency of Indra by

Marc Murtra

, a close to the Partit del Socialistes de Catalunya (PSC) that was imposed by the Government to relieve Fernado Abril-Martorell last May, despite hostility from the majority of the board of directors.

For its part, the Sapa group enters with authorization from the Government and asked Alba to sell it 5%, which the Marches have ended up accepting, although they had not put their participation up for sale in principle.

It is common for this financial corporation not to remain in an investee for so many years

, but it is more unusual for it to choose to sell with a handicap.

The Gipuzkoan company orchestrates its entry through a derivatives agreement with Deutsche Bank.

As he has communicated to the CNMV, "Sapa has signed with Deutsche Bank AG, a derivatives contract (collar agreement) on the Shares in order to finance their acquisition".

The German bank, for its part, "for the purposes of managing its exposure under the aforementioned collar agreement, will proceed to the sale of 7,879,036 Indra shares representing approximately 4.45% of its share capital in a process of accelerated placement aimed at institutional investors that will begin today, December 14, 2021 and may be closed at any time, after which the result of the same will be made public ".

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