Hungarian company Magyar Wagon completed one takeover bid (acquisition) About TalgoSpanish train manufacturer. Although the operation is not yet publicly traded, the National Securities Market Commission (CNMV) suspended trading in the company after its shares rose more than 9% yesterday. Talgo’s shareholders are diverseAlthough two investors, a North American fund and a family vehicle, control the relevant part, more than 45% of the company, in which government funds, insurance companies and small vehicles also participate. Who is behind the largest Spanish train manufacturer?
Trilantic Capital
Trilantic Capital is Talgo’s major shareholder. 40.03% sharevalued after trading halt More than 236 million euros. The American venture capital fund is the heir to the investment banking business of Lehman Brothers, which was bought by its former managers and a Luxembourg investment fund after its collapse.
origin Its investment in Talgo dates back to March 2006Although he sold some of his shares in the company’s IPO in 2015. After announcing a 32% stake at launch, it increased its stake weight from 35% to the current 40% between 2017 and 2022.
It’s not the railway convoy manufacturing company Trilantic’s only investment in Spain. In 2012, it acquired a 48% stake in the telephone operator together with Investindustrial, which owns half of PortAventura. EuskaltelThe shares they sold three years later for a significant capital gain in the company’s IPO. Previously, between 2004 and 2010, together with the Basque Government, they were shareholders of: Turboprop IndustryA company specializing in the production of aircraft engines and components.
Among its investments in Spain, the purchase of shares in the entertainment company in April 2017 also stands out. TrotterThey still continue. In the same year, Trilantic acquired part of the shares. peakAbengoa’s former bioethanol business, which it sold to Deutsche Bank’s fund manager DWS in 2020.
Torrblas
Talgo’s second largest shareholder after Trilantic family office TorrblasMadrid family investment vehicle led by Ana Patricia Torrente Blasco 5.03% of the company’s capital, worth 31.7 million eurosAccording to CNMV records. This Torrente family fund, of which Ana Patricia controls more than 57%, entered the train manufacturer with a 3.04% position in December 2022, which rose to over 5% just a year ago.
In addition to its investment in Talgo, 5% stake in Árima real estate company, specializes in the acquisition, rehabilitation and rental of offices in Madrid. According to Torrblas’ corporate website, they invest in the infrastructure sector, residential assets, offices, commercial, logistics and hotels, and agriculture across Europe.
Other shareholders
In addition to those mentioned, Talgo has a widely distributed shareholding, albeit with positions below 5%, with the presence of small investment funds, insurance companies and public funds. The third largest participant is the British pension fund. Universities Pension Scheme (USS)It controls 2.98% of the capital. This is followed by an American fund specializing in small companies. SCWF, also owns 2.98% shares; also British insurer Avivawith 2.97%; Spanish St. Luciawith 2.92%; through Norway’s sovereign wealth fund Norges Bankwith 2.84%; american investment bank Morgan Stanleywith 2.41%; or one of the world’s largest pension fund managers, Capital Groupwith 1.82%.
Talgo was founded in 1942 by Alejandro Goicoechea and José Luis Oriol Urigüen. Some of his heirs have small positions in the shares. For example, The shares of José María de Oriol Fabra and Carlos de Palacio y Oriol are 1.28% and 0.86%., respectively. For its part, no relative of the Goicoechea family owns the percentage of shares declared to the regulator.