EM&E considers IPO after failed merger with Indra

Brothers Ángel and Javier Escribano are considering an initial public offering (IPO) for their family-owned defense company, Escribano Mechanical & Engineering (EM&E), as a means to fund international expansion. This strategic shift follows the collapse of negotiations to merge EM&E with the Spanish technology firm Indra.

The potential merger was abandoned in March after opposition from the Spanish government, which led to Ángel Escribano resigning from his position as president of Indra. The Escribano brothers have since sold their stake in Indra, valued at approximately 1.3 billion euros.

EM&E, which specializes in military turrets, systems, and guided ammunition components, has seen significant growth due to increased European defense spending. The company reported 488 million euros in revenue for 2025, a 37% increase, and aims to reach sales of 1.3 billion euros by 2030. Currently, two-thirds of its revenue is generated outside of Spain, serving NATO members and Gulf nations. The company is reportedly working with JP Morgan to evaluate its options, which include a potential IPO with a valuation estimated between 2.3 billion and 3 billion euros.