Indra considers taking over Spanish defence contractor Escribano M&E, Expansion says
MADRID, April 25 (Reuters) - Spanish defence technology company Indra (IDR.MC), opens new tab is considering taking over Escribano M&E, a Spanish company owned by the family of Indra's executive chairman Angel Escribano, Expansion newspaper reported Wednesday, citing unnamed market sources.
Escribano M&E, an engineering company also active in the defence sector, which owns a 14.3% stake in Indra according to LSEG data, would be valued at as much as 1 billion euros ($1.13 billion), the sources told Expansion.
Indra, which is 28% owned by the Spanish state-owned fund SEPI, is set to benefit from the government's plan to increase defence spending by more than 10 billion euros this year. Its shares rose 61% so far this year.
Angel Escribano was picked to head Indra after Marc Murtra, its former top executive, was appointed executive chairman of telecom giant Telefonica (TEF.MC), opens new tab.
($1 = 0.8825 euros)
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