Bloomberg Law
Nov. 22, 2022, 9:01 AM

Amber Capital Calls For Breakup of IT and Defense Firm Indra (1)

Swetha Gopinath
Swetha Gopinath
Bloomberg News

Amber Capital is calling for a breakup of Indra Sistemas SA, saying the move could double the value of the Spanish information technology and defense systems group.

“We are pushing for either a split-up of the company between IT and defense, or an outright sale or merger of the IT business with another company,” Joseph Oughourlian, the activist investor’s London-based chief executive officer, said in an interview.

Indra employsmore than 52,000 staff and generated about €3.4 billion ($3.5 billion) in revenue in 2021. Shares of the company were up 2.3% at 9:53 a.m. Tuesday in Madrid, giving ...