Goldman Sachs raises stake in Spanish defence contractor Indra above 10%

U.S. investment bank Goldman Sachs increased its holding in Spanish technology and defence group Indra to 10.575% of the company, up from 8.223%. The purchase comprised 18,681,203 shares at a closing price of €54.94, valuing the stake at roughly €1.026 billion. The transaction was recorded by Spain’s securities regulator CNMV and coincided with a 1.82% rise in Indra’s share price.

The stake increase comes as the European Future Combat Air System (FCAS) programme, a joint effort by Spain, Germany and France to develop a sixth‑generation fighter, has reportedly collapsed following disagreements between German Chancellor Friedrich Merz and French President Emmanuel Macron over programme leadership. Spanish defence firms, including Indra, said they remain well‑positioned to continue development under a “system‑of‑systems” approach.

Goldman’s move marks its first crossing of the 10% threshold in Indra, reflecting confidence in the company’s defence and space capabilities despite the broader uncertainty surrounding the FCAS project.