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JPMorgan buys a 10.6% stake in Spanish defence company Indra

Published 11/30/2023, 02:34 AM
Updated 11/30/2023, 02:35 AM
© Reuters. A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo
IDR
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(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.

© Reuters. A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo

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)

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