Overview
- The stake sold by Pegasus/Trilantic will be split so that Clerbil, Finkatuz and Fundación BBK each hold 8.5% of Talgo and Fundación Bancaria Vital holds 4.24%, according to CNMV filings.
- Talgo plans to call an extraordinary shareholders’ meeting in the coming weeks to approve a new financing structure required to complete the share transfer.
- Closing is subject to specified financing and hedging agreements with lenders and Spain’s export credit insurer CESCE, with a deadline set for January 31, 2026.
- Talgo’s banks have sought roughly €150 million of fresh funds as the company deals with debt above €400 million and a €116 million penalty from Renfe for delivery delays.
- The state investor SEPI’s participation remains unresolved, and consortium leader José Antonio Jainaga is under National Court investigation over alleged contraband tied to sales linked to Israel.