Sánchez and the Lehendakari agree on SEPI's support for the Basque offer to buy Talgo.

The Basque path is clear for Talgo. This was announced by the Lehendakari, Imanol Pradales, at the Moncloa Palace, after Pedro Sánchez gave the green light to the State Industrial Participation Company (SEPI) for the offer for Talgo from a group of Basque investors, led by Sidenor. Pending confirmation of all the details of the transaction, SEPI is expected to support this group as a new partner with an additional contribution of 75 million euros.

The Basque leader was responsible for delivering the news at the press conference following his meeting with the President of the Spanish Government, emphasizing the importance of the news for the approximately 700 families who live at his plant in Rivabellosa (Álava) - Talgo has a second plant in Las Rozas (Madrid).

The Lehendakari has avoided offering more details, but has taken the agreement for granted.

"We have reached an agreement on Talgo in the midst of ongoing political disputes and disagreements in the country," he emphasized.

The Lehendakari has avoided revealing the conditions agreed upon with the Prime Minister for the SEPI's entry, because "it must materialize in the coming weeks" and, furthermore, it is fundamentally up to the Spanish government "to take some of these steps."

"I want to congratulate ourselves on the fact that we have finally reached an agreement that will mean the Basque consortium will take control of the company, and that we will also have SEPI as a partner in this industrial operation, which is so important for the Basque Country," he said.

The influx of state-owned capital will allow the company to "face its future under sound financial conditions" and to meet the order book of a company "very important in the Basque Country" because it directly employs 700 people there and generates around 5,000 indirectly, according to the Lehendakari's figures.

The entry of SEPI will allow the operation to be definitively closed.

The news comes five months after the preliminary agreement was signed between the instrumental company Pegaso (owned by the Trilantic fund and the Oriol family) to sell 29.77% of Talgo to the consortium led by Sidenor, which also includes the Basque public fund Kinkatuz and the foundations of the savings banks BBK and Vital. The formula agreed upon by both governments today aims to close the transaction.

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The financing structure to strengthen Talgo's balance sheet has been the main stumbling block in the negotiations since the preliminary agreement, in which the creditor banks demanded the restructuring of the company's debt of more than 400 million euros.