Indra Board Member Resigns Amid Escribano Acquisition; Garrigues Hired, Conflicts Committee Formed, Secures €385 Million BEI Financing

Indra, the Spanish defense and technology company, is undergoing significant corporate developments amid its planned acquisition of Escribano. An independent board member of Indra resigned during the ongoing acquisition process, which has raised concerns about conflicts of interest, particularly as the Escribano brothers are not participating in acquisition discussions for this reason. In response to these governance issues, Indra has engaged the law firm Garrigues and established a conflicts of interest committee. Concurrently, Indra secured a €385 million financing agreement with the European Investment Bank (BEI) to support its research and development efforts in defense and space technologies. This financing represents the largest economic endowment in Spain to date for developing a technological hub in Madrid. These developments occur amid broader financial authorizations in Spain, including a government approval for a €1.816 billion debt issuance by Mazón. Additionally, notable personnel changes in the Spanish financial sector include the departure of Almudena Román, a veteran executive at ING Spain.