The agreement also includes an option that will allow Indra Group to progressively increase its stake until it reaches 100% of TRC's capital over the next two years.
The transaction has not yet been completed and is subject to the fulfillment of the conditions precedent, including obtaining the corresponding regulatory authorizations, including that of the National Commission for Markets and Competition (CNMC).
TRC is a Spanish-owned company specializing in solutions for the protection of information systems and networks in areas considered strategic.
With its acquisition of a stake in TRC, IndraMind plans to incorporate TRC's capabilities into its cybersecurity offering, especially in the area of digital asset protection.
Indra Group launched IndraMind in October 2025 as a unit focused on technologies related to artificial intelligence, cybersecurity, cyber defense, electronic warfare, autonomous platforms, data management and command and control systems.
The incorporation of TRC would allow these capabilities to be complemented with specific solutions for the protection of systems and networks.
According to the information provided about the operation, IndraMind's cybersecurity strategy covers different phases of digital asset protection.
These activities include risk identification and prevention, as well as operational services related to incident detection, response, and recovery. Their portfolio also includes digital identity solutions.
Participation in TRC is therefore seen as an expansion of these capabilities in the specific field of systems and networks protection.
The agreement is not limited to the initial 30% stake. Its terms include an option for Indra Group to progressively increase its shareholding to 100% of TRC over the next two years.
The execution of this process will depend on the terms established in the agreement and, for the currently announced operation, on compliance with the applicable conditions precedent and regulatory authorizations.
The CNMC's intervention in merger transactions is part of the merger control procedure when the requirements established by competition law are met. The authority has previously assessed other acquisitions by Indra, although those precedents do not allow us to anticipate the outcome of this specific transaction.
I have removed corporate statements such as “one of the leading technology companies, “differentiated proposition, “strengthening the Spanish ecosystem, “reinforcing its commitment,” or generic references to boosting innovation, competitiveness, and resilience. These are company assessments and do not provide specific information about the terms of the transaction.
I have also deliberately distinguished between “agreement to acquire” and “completed acquisition”: according to the provided text, the 30% is still subject to conditions precedent and regulatory approvals. Similarly, reaching 100% ownership is an option contemplated for the next two years, not a completed acquisition already committed to.
