Indra Sistemas, S.A. (2015 revenues: EUR 2.85bn; 2015 EBITDA: minus EUR 0.44bn; 9M 2016 revenues: EUR 1.95bn; 9M 2016 EBITDA: EUR 0.51bn) intends to take a 100% share in Tecnocom Group, and has offered a cash equivalent of EUR 4.25 per share. The offer values Tecnocom at an enterprise value of EUR 305m (excluding treasury stock). The acquisition will be financed through an equity raise at Indra and cash, if completed as proposed. According to Indra, the bidder already has the subscribed irrevocable commitments with shareholders, which represent 52.7% of Tecnocom’s share capital. An acquisition of Tecnocom would likely complement Indra’s business offerings, particularly in the consulting business for financial institutions and governmental authorities, and would raise significant synergies between the two companies.

Scope is not taking any rating action at this stage since the deal has not been closed yet. This is due to uncertainties around the ultimate terms of any deal, and around the potential impact on Tecnocom's financial risk profile, potential parent support, and outstanding debt. Scope is monitoring the takeover process and will provide a more detailed update as more information emerges.

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