Overview

• Following a July 15 meeting at La Moncloa, SEPI will inject €75 million to match the Basque consortium’s contribution and unlock the acquisition of Trilantic’s 29.75 percent stake in Talgo.
• The combined €150 million financing package is designed to refinance Talgo’s roughly €400 million debt burden including a €116 million penalty imposed by Renfe.
• Details of SEPI’s participation—whether via a convertible loan or direct equity, with an expected shareholding of around 5 to 10 percent—are to be formalized in the coming weeks.
• The deal safeguards about 700 jobs at Talgo’s Rivabellosa plant and preserves an estimated 5 000 indirect positions across Euskadi.
• Moncloa’s intervention follows its 2024 veto of foreign bids and reflects a public-private strategy to maintain Spain’s control over its high-speed train manufacturer.