Talgo, the well known Spanish train manufacturer, has been the subject of a potential takeover. Magyar Wagon, a Hungarian company, completed a takeover bid that has raised questions about who ultimately controls Talgo. Although the deal is not yet reflected in public trading, the National Securities Market Commission has halted trading after shares surged more than 9 percent yesterday. Talgo’s investor base is broad and diverse. While two key players, a North American fund and a family office, hold a controlling stake, more than 45 percent of the company remains in the hands of government funds, insurance providers, and smaller investment entities. The big question is who sits behind this pivotal figure in Spain’s train manufacturing landscape.nnTalgo’s largest stakeholder is Trilantic Capital. This American private equity and venture capital firm holds a 40.03 percent share, a value that reflects more than 236 million euros after the listing pause. Trilantic traces its roots to the investment banking spinoff that emerged from Lehman Brothers after its collapse. Its evolution involved a management-led buyout and a Luxembourg investment fund, which together formed the current ownership structure.nnTrilantic’s association with Talgo dates back to March 2006, though the firm sold a portion of its holdings during Talgo’s 2015 initial public offering. At the time of launch, Trilantic announced a stake around 32 percent, and over the period between 2017 and 2022, it increased influence from roughly 35 percent to the current level.nnCNMV suspends Talgo listing amid possible acquisition by a Hungarian train manufacturer.nnTrilantic’s footprint in Spain extends beyond Talgo. In 2012, the fund acquired a 48 percent stake in a telecom operator alongside Investindustrial, which itself holds a stake in PortAventura. Euskaltel was later sold at a substantial gain during its IPO. Earlier, between 2004 and 2010, Trilantic together with the Basque Government held a stake in Turboprop Industry, a firm specialized in aircraft engines and components. In April 2017, the fund also increased its footprint in another entertainment venture. That same year, Trilantic acquired part of the stake in a former Abengoa unit within its bioethanol portfolio, later sold to a Deutsche Bank fund manager in 2020.nnTorrblas remains Talgo’s second-largest shareholder after Trilantic. This Madrid-based family office, led by Ana Patricia Torrente Blasco, holds about 5.03 percent of Talgo’s capital, valued at roughly 31.7 million euros according to CNMV records. Torrente’s stake began at about 3.04 percent in December 2022 and rose to just over 5 percent a year later, with Ana Patricia controlling more than 57 percent of Torrblas. In addition to Talgo, Torrblas also has investments in Árima, a real estate company focused on Madrid’s office markets. The Torrblas portfolio includes assets across infrastructure, residential, commercial, logistics, hotels, and agricultural sectors throughout Europe.nnOther shareholders. In addition to the major investors, Talgo maintains a widely distributed shareholding with many positions under five percent. Small funds, insurance firms, and public pension programs are part of the mix. The British Pension Scheme, University Superannuation Scheme, holds about 2.98 percent. An American fund focused on small-cap investments, known by the acronym SCWF, also holds around 2.98 percent. Aviva, the British insurer, manages about 2.97 percent, followed by St. Lucia with 2.92 percent. Norges Bank, Norway’s sovereign wealth fund, owns about 2.84 percent, while Morgan Stanley and Capital Group each hold roughly 2.41 percent and 1.82 percent respectively.nnTalgo’s roots stretch back to 1942, founded by engineers Alejandro Goicoechea and José Luis Oriol Urigüen. Some heirs maintain minor stakes in the company, including José María de Oriol Fabra and Carlos de Palacio y Oriol, who hold 1.28 percent and 0.86 percent respectively. There is no claim that any Goicoechea family member owns a defined share in Talgo beyond what is on the regulator’s records.
