Overview
- The deal closed late on December 31 after an exclusivity period, with A&M Capital Europe selling its 70% stake and the Manzanares family holding the remaining 30%.
- The transaction is structured at roughly €300 million in equity plus about €177 million in assumed debt.
- BBK and Indar committed around €100 million each, Teknei joined with roughly €10 million, the Basque Government will cover the undisclosed balance, and Vital is weighing a small stake near €10 million.
- Kutxabank’s patronato saw a contested vote, and an internal technical report argued the investment falls short on risk–return, questions Teknei’s suitability, and flags high post‑deal leverage.
- The acquisition is presented as returning the decision center to Euskadi and securing local employment, and current CEO José Luis Manzanares Abasolo will exit after a transition period.