Alantra acted as financial advisor to Mirai Investments, a lead investor in a consortium backed by Clerbil, on the acquisition of a 29.8% stake in Talgo from Pegaso Transportation, a vehicle controlled by Trilantic Capital Partners. Mirai was joined in the consortium by the banking foundations BBK and Fundación Vital, and the public fund Finkatuz.
The transaction, structured at €4.25 per share for a total consideration of approximately €156.6mn, reflects a significant shareholder reconfiguration that brings in a stable, industrially aligned, and locally rooted investor group. The consortium’s entry aims to reinforce Talgo’s financial stability, support its industrial roadmap, and ensure continuity of operations in Spain, in coordination with public institutions.
Alantra supported Mirai Investments and the consortium throughout the process, including the financial analysis of Talgo, preparation and submission of the offer, and overall negotiation and structuring. The transaction involved multiple public and private stakeholders and required navigating a highly strategic and sensitive industrial context.
Moreover, Alantra advised Talgo on securing a new financing structure consisting of €650mn in loans, €120mn in credit lines, and a €500mn guarantee facility.
Roberto León, Managing Partner at Alantra said: “We are proud to have advised Mirai Investments and the consortium on such a complex and high-stakes mandate. The transaction strengthens Talgo’s long-term outlook and supports Spain’s industrial ecosystem. It also underscores the value of stable, industrially committed investors in strategic companies like Talgo.”
This transaction adds to Alantra’s strong track record in advising on complex, high-profile industrial mandates. Recent examples include advising Navantia on its acquisition of Harland & Wolff and advising Aebi Schmidt on its merger with The Shyft Group.
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