Amper has signed a binding agreement with Nazca for the acquisition of 100% of Teltronic, a Spanish company based in Zaragoza and a leader in communications for Defence and Security.
The purchase price consists of a fixed amount of €155 million, implying an enterprise value of less than 9 times the EBITDA for FY 2025, which exceeded €20 million, and a contingent consideration of up to €45 million (earn-out), subject to the achievement of customary targets in this type of transaction. In addition, the agreement includes the assumption by Amper of €25 million of Teltronic’s debt. Therefore, the total transaction value could reach €225 million.
The payment of the fixed amount would be structured as €111 million in cash, while the remaining €44 million would be settled through the issuance of new Amper shares, in line with Amper’s inorganic growth strategy, which contemplates partial share-based payments. These shares would be subscribed by Nazca through a non-cash capital increase, with the potential participation of one or more co-investors. These new shares would represent approximately 7.75% of Amper’s share capital following the capital increase and would be issued at a price of €0.23 per share. Any additional contingent consideration would be paid in cash.
The transaction is aligned, on the one hand, with the strategy of Amper and Nazca as key players in the Spanish defence and security ecosystem, contributing to the implementation of Spain’s National Defence and Security Strategy and its strategic autonomy; and on the other hand, with the objective of establishing a stable and long-term partnership between both companies, as evidenced by Nazca’s significant shareholding position in Amper.
Nazca, through its defence-focused fund, acquired Teltronic, a Spanish-origin company with an industrial base in Zaragoza, which until then was owned by a Chinese corporation. One of the objectives of this transaction was to bring back to Spain a technology and industrial capabilities considered strategic. Following this process, and within the framework of the aforementioned national strategy, the agreement with Amper enables the integration of Teltronic’s capabilities into a Spanish company that holds a relevant “Tier 1” position in Defence and National Security, with proprietary dual-use technologies. This transaction will allow Amper to become a leader in Spain in Defence and Security communications and a relevant player in Europe.
For Amper, the transaction represents a transformational and highly complementary acquisition from a technological, industrial, and geographical perspective. It is expected to generate significant commercial, technological, and operational synergies, while also strengthening its position in key markets such as Brazil and Mexico, and enabling access to others such as the United States and Canada.
Amper CEO Enrique López Pérez commented: “The incorporation of Teltronic is a transformational transaction for Amper, positioning us as a Tier 1 player in Defence and Security communications in Europe, and reinforcing our ambition to become Spain’s leading mid-cap dual-use technology company, while also strengthening our strategic relationship with Nazca.”
Nazca Executive Chairman Carlos Carbó added: “The sale of Teltronic to Amper, which includes a significant stake in Amper, is part of our objective to contribute to the safeguarding and development of strategic capabilities for national defence and to strengthen the Defence and Security industry from our position as a specialist investor in this market.”
The share purchase agreement is expected to be signed before 16 June 2026, subject to the fulfilment of certain regulatory closing conditions in different jurisdictions, as well as approval by Amper’s General Shareholders’ Meeting.
Amper was advised by Bestinver Securities as financial advisor and Cuatrecasas as legal advisor. Nazca Capital was advised by Banco Sabadell as financial advisor and Uría Menéndez as legal advisor.
About Amper
Amper is a corporate group with 70 years of history, 40 of them listed on the Spanish continuous market, with a strong international presence in more than 20 countries. It is a leader in dual-use technological and industrial capabilities for Defence and National Security, as well as Energy and Sustainability markets. The Amper Group aims to lead the development and strengthening of strategic capabilities in critical sectors, contributing to national sovereignty and the social well-being of the countries in which it operates.
About Nazca
Nazca is a private equity fund management company specialising in investing in Spanish unlisted family businesses, with 25 years of experience and more than 110 executed transactions. It currently manages three differentiated investment strategies: investments below €30 million through its sixth fund Nazca Small Caps II; investments between €30 and €150 million through its Nazca Opportunities platform, which aggregates family office investment; and its aerospace and defence strategy through the Nazca Aerospace and Defence INNVIERTE I FCR fund, currently in fundraising with a target size of €600 million
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