The State Society of Industrial Participations (SEPI) has exercised the purchase option of Epicom, a subsidiary of Duro Felguera considered strategic for national security, giving Indra and the Oesía Group entry into the shareholding, each with a 30% stake. , in an operation valued at 5.3 million euros.
Due to the strategic nature of the company, on March 5, 2021, SEPI acquired an initial public stake of 40% of Epicom from its sole shareholder Duro Felguera and a purchase option for the other 60%.
"To guarantee national sovereignty, the technological capacity and the financial support of the company", SEPI has assigned said purchase option, giving entry to two shareholders through a competitive process called for this purpose, SEPI has stressed in a statement.
"With this operation, SEPI is committed to a public-private collaboration that allows the growth and stability of Epicom, and ensures and protects strategic capabilities in relation to national security," stated SEPI, which will retain its 40% in Epicom. .
Duro Felguera confirmed last night, in a statement sent to the National Securities Market Commission (CNMV), the sale of 60% of the share capital of its encryption subsidiary Epicom to Indra and Grupo Oesía for 5,320,453 euros.
The Asturian company highlighted that this operation "compliances" with the agreement of the Council of Ministers of July 4, 2023 that imposes the sale "as a condition precedent to the authorization of the entry of foreign investors in the agreed share capital increase." by the general meeting of April 13, 2023".
The company has indicated that this operation "is executed under the terms of the purchase option of March 5, 2021" acquired by SEPI.
Thus, he detailed that the board of directors has ensured that the conditions for exercising the purchase option "are those resulting from the application of the regulations of listed companies" and defends the interests of Duro Felguera "so that the price is corresponds with the provisions of this regulation".
"The transfer is fully justified from the point of view of the corporate interest of Duro Felguera as it is essential for the execution of the agreements of the general meeting of April 13, 2023 to increase share capital," he stated.
According to the engineering company, this operation will allow it to "advance in compliance with the conditions precedent for the disbursement of the committed loans" with the Mexican investors - Grupo Prodi and Mota-Engil México - and "makes it possible to proceed with the entry of the investor into the share capital of Duro Felguera".
For their part, Indra and Grupo Oesía have highlighted in a joint statement that this operation reinforces their position in a critical area for security and defense.
"It also guarantees national sovereignty in the key capacity of encrypted communications, national, European and NATO, as well as the technological capacity and financial support of Epicom, allows its stability and growth, and protects strategic capabilities in relation to national security," both companies have stated.
Likewise, Indra and Grupo Oesía have assured that the "financial solidity" they bring to Epicom will allow it to advance in its own development of new technologies, such as post-quantum systems, as well as in new markets in the private sphere.
Last July, both companies signed a long-term collaboration agreement to improve the global offer of critical solutions for the Spanish Armed Forces and Security Forces and Corps.
Luis Furnells, executive president of Grupo Oesía, highlighted that this operation "consolidates the national leadership of Grupo Oesía in the secure communications sector." Furnells added that with the joint entry into Epicom we continue "the path of collaboration between the main Spanish companies in the defense sector, which was sealed in the agreement signed with Indra last July."
The CEO of Indra, José Vicente de los Mozos, has pointed out, for his part, that this operation allows Indra "to continue strengthening its role as a driving company in the defense and security sector in Spain, supporting the growth and competitiveness of all the industrial ecosystem". "To achieve this, it is necessary to enhance capabilities, such as those of Epicom, which are critical for security and defense in an increasingly digital environment," he added.
Epicom is the reference company in Spain in the protection of critical communications for the State Administration.