The Council of Ministers will analyze on Tuesday the entry of Sepi into Talgo with 75 million euros.

The Council of Ministers is expected to analyze next Tuesday the Sepi's entry into Talgo's capital in a capital increase that will give it a 7.8% stake (€45 million) in the company. It will also subscribe to a €30 million debt issue, bringing its total contribution to €75 million.

The release of Talgo's financing comes just over a week after the President of the Government, Pedro Sánchez , and the Lehendakari, Imanol Pradales , met at the Moncloa Palace to, among other matters, "channel" - in the words of the Basque leader - the entry of the State Industrial Participation Company (Sepi) into the train company.

Sepi will participate in the recapitalization of Talgo required by the creditor banks through these two instruments: the purchase of 10.58 million shares (at €4.25 per share), which will allow it to control 7.87% of the capital at the close of the capital increase, and the subscription to the issue of convertible bonds for €30 million, as Talgo reported to the National Securities Market Commission (CNMV) last Thursday.

Additionally, Talgo will issue another bond of this type for 75 million euros, subscribed by investors such as Ekarpen (in which the Basque Government, Kutxabank, the regional councils, and Mondragón participate); the Clerbil group, led by Sidenor chairman José Antonio Jainaga; and the foundations of the BBK and Vital savings banks.

These inflows of funds allow the company to recapitalize with 150 million euros, a condition required by the manufacturer's creditor banks, which have accumulated a debt exceeding 400 million euros.

The capital increase will pave the way for the closing of the purchase of 29.77% of Talgo, currently held by the holding company Pegaso (the Trilantic fund and the Oriol family), by the consortium led by Jainaga , which also includes the foundations of the savings banks BBK and Vital, and the Basque public fund Finkatuz.

The preliminary agreement signed by the Basque consortium and Sidenor last February establishes the purchase of Talgo shares at 4.15 euros per share, to which another 0.85 euros would be added linked to the achievement of certain financial objectives in 2027 and 2028, according to the Efe news agency.

Following this shareholding change, Sidenor would remain the largest shareholder, with almost 29.8%, Pegaso would still hold just over 7.5%, and Torrblas (Torrente family) would hold 5%. 53.2% of the capital is listed on the stock exchange.