Aicox to Create New Defense Group Valued at €400 Million

✦ Meridian Analysis

Spanish company Aicox is working on the formation of a new defense group focused on tactical military communications and electronic warfare equipment and services, with the combined enterprise valued at approximately €400 million, according to Expansión. To execute the transaction, the Laborda family, which owns Aicox, has partnered with financial sponsor Senda Investment Partners to work on a capital increase of around €250 million. The deal mechanics involve the integration of seven companies, comprising three mid-sized firms and four smaller societies that will contribute various capabilities including energy expertise. Under the proposed governance structure, the Laborda family aims to retain a prominent position on the board of directors while potentially holding a stake below 50% following the capital increase. The transaction involves expanding manufacturing capabilities, including new facilities in San Agustín de Guadalix expected to operate from the second quarter of 2027, alongside a second planned facility in the Community of Madrid slated for late 2028 or early 2029. The integration of the acquired companies is primarily scheduled to occur within these new facilities. The specific names of the seven target companies being acquired have not been disclosed, nor has the exact percentage of equity the Laborda family will effectively control following the capital increase. Additional details regarding the precise location of the second manufacturing facility in the Community of Madrid, potential expansion sites outside Madrid, and the complete timeline for closing the transaction and the capital increase remain unannounced.

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