Renta 4 | According to press reports, Indra has hired Citi and AZ Capital for the Minsait sale process. The valuation of the investment banks carried out in the last weeks presents a very wide range, between €1.3 and €2.1 billion.
The management announced at the Investor Day on 6 March its intention to sell a minority or majority stake in its technology subsidiary.
The objective is to start the sale process in 2H24 and complete the transaction by early 2025. Indra will separately assess the sale of its payments subsidiary Minsait Payments, which could be worth around €500/600 million.
Assessment: The decision to sell a stake in Minsait is taking shape. The key will be the buyers’ interest in a division that contributed 72% of the group’s revenues and 42% of EBIT in 2023. We believe that Minsait’s valuation will be the determining factor in whether a minority or majority sale will finally take place. P.O. €24.2. OVERWEIGHT.
