Intermoney | Indra (IDR) has acquired the Deimos company from Elecnor, a subsidiary specialised in the development of space missions and satellite integration, according to several media. It has subsidiaries in the UK, Portugal, Italy and Romania. The price has not been made public, but could be in the region of €20-25 million, according to the press.
Deimos has a strong position with space institutions, participating in national and European programmes and initiatives, which will strengthen Indra’s position in the space sector. The transaction is expected to be completed in the last quarter of the year, once the usual regulatory approvals have been obtained.
Assessment: Positive news, as this is an important step in Indra’s space strategy, although we do not expect any impact on the share price as it is a relatively small company. Recall that Indra aims to reach €1,000 million in revenues in its space division by 2030, when in 2023 it had €44 million. We see significant M&A downside risk in the process of achieving these targets. Buy, Target Price of €22.
