Amper Closes Acquisition of Teltronic with Nazca Capital and Cofides

✦ Meridian Analysis

Amper has closed the acquisition of Teltronic, a Zaragoza‑based supplier of secure communications for defence, in a transaction valued at up to €225 million. The purchase price comprises a €111 million cash payment, a performance‑linked earn‑out of up to €45 million and the assumption of €25 million of Teltronic debt. Amper financed the balance of the €155 million valuation through a capital increase that issued new Amper shares, a move approved by shareholders on 1 October. Nazca Capital entered the deal by acquiring a 7.75 percent stake in Amper, while Cofides, the public‑private vehicle linked to the Ministry of Economy, contributed €50 million via its FIEX fund and obtained a 32 percent holding in Amper CCT, the subsidiary that executed the acquisition. Nazca was advised by Banco Sabadell and Amper by JBCapital. The transaction deepens Spanish ownership of a capability that had been held by China’s Hytera Communications and aligns with the national defence and security strategy that calls for greater strategic autonomy. By bringing Teltronic’s industrial and technological assets into a Tier‑1 domestic supplier, Amper foresees sinergias comerciales, tecnológicas y operativas, consolidar su posición en Brasil y México y allanar su acceso a mercados como los de Estados Unidos y Canadá. Key items that remain undisclosed include the exact multiple applied to Teltronic’s EBITDA, the detailed structure of the earn‑out and any senior debt facilities that may have been used to fund the cash component. Observers will watch for the timetable of integration, regulatory clearances and whether additional partners will be brought in to support Amper’s broader growth plan.

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