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JPMorgan buys a 10.6% stake in Spanish defence company Indra

Reuters
·1-min read
FILE PHOTO: JP Morgan Chase & Co. corporate headquarters in New York

(Reuters) - JPMorgan bought a 10.6% stake in Spanish defence systems maker Indra, the stock market regulator said on Thursday.

Following the transaction, JPMorgan has become the second-largest shareholder after Spanish state holding company SEPI, which owns a 25.2% stake, according to data from LSEG.

The JPMorgan stake in Indra is worth about 268 million euros ($294.10 million) at market prices.

Last week Spanish aerospace company Escribano said it had increased its stake in the Spanish company to 8% from 3.4% as it intended to contribute to the development of its defence programmes.

Indra's strategic relevance has increased since Russia's invasion of Ukraine as Spain has promised to boost its defence spending as required by NATO in the coming years.

($1 = 0.9112 euros)

(Reporting by Joanna Jonczyk-Gwizdala, Editing by Inti Landauro and Sharon Singleton)