Indra Sistemas, S.A. (BME:IDR) made an offer to acquire Tecnocom Telecomunicaciones y Energía, S.A. (BME:TEC) from a group of sellers for approximately €310 million on November 29, 2016. As part of consideration, Indra will pay €2.55 in cash and issue 0.1727 Indra’s shares for each Tecnocom share. Consideration will include a mix of 60% cash and 40% Indra’s shares. The payment of the cash portion of the consideration will be made using funds from Indra’s treasury. Indra has subscribed irrevocable commitments with Tecnocom’s shareholders representing 52.7% of the share capital. The deal is subject to the approval by the relevant anti-trust authorities, CNMV approval, a minimum acceptance threshold of 50.01% of Tecnocom’s share capital excluding irrevocable commitments subscribed by Indra with Tecnocom’s shareholders representing 52.7% of the share capital, a minimum acceptance of 70.01% of Tecnocom share capital and the approval of the capital increase related to the transaction by Indra’s shareholders meeting. The Board of Directors of Indra unanimously approved the terms of the offer on November 28, 2016. The Board of Directors of Tecnocom approved the financial terms of the tender. In the event that, Indra acquires at least 90% of Tecnocom capital stock, Indra will be entitled to exercise its squeeze out rights against the owners of shares of Tecnocom who did not accept the offer by paying consideration equal to that contained in the offer. The transaction will deliver significant value creation for both Indra’s and Tecnocom’s shareholders, on the back of a solid industrial rationale as well as costs and revenues synergies amounting to more than €40 million per annum, resulting in double-digit EPS accretion from 2017 (excluding restructuring costs). As on December 7, 2016, ABANCA Corporación Industrial y Empresarial, S.L. other shareholders of Tecnocom had committed to accept the offer for the sale of 52.7% stake representing 39.54 million shares for approximately €168 million. On January 12, 2017, the transaction received approval from the Spanish Antitrust Authority. On February 20, 2017, the shareholders of Indra approved the increase in capital. As on March 13, 2017, Comisión Nacional del Mercado de Valores approved the deal. Following CNMV approval, Indra has rescinded the minimum tender condition. Hence, the offer is not subject to any condition. The acceptance period of the Offer will elapse between March 14, 2017 and April 7, 2017, both included. Bank of America Merrill Lynch acted as financial advisor and Linklaters Slp acted as legal advisor for Tecnocom. J.P. Morgan Ltd. and Juan Pedro Perez Cozar and Rafael del Valle of Rothschild, S.A. acted as financial advisors to Indra. KPMG Asesores, S.L acted as financial, legal and accounting due diligence provider to Indra. Santander Investment Bolsa, Sociedad de Valores, S.A. acted as broker to Indra. Banco Santander, S.A. acted as settlement agent to Indra. Gabriel Núñez, Javier Redonet Sánchez del Campo, Antonio Guerra, Enrique Nieto, Tomás Arranz, Álvaro López Hernández, Alfonso Bernar, Andrés Alcalá, Cristina Areces and Gorka Atutxa of Uría Menéndez Abogados, S.L.P. acted as legal advisor to Indra. Indra Sistemas, S.A. (BME:IDR) completed the acquisition of Tecnocom Telecomunicaciones y Energía, S.A. (BME:TEC) from a group of sellers on April 7, 2017. At the expiry of acceptance period, offer has been accepted by shareholders representing approximately 97.2% of the shares to which the offer was addressed. Accordingly, as stated in the offer prospectus, Indra will proceed to request the squeeze out of all Tecnocom shares that have not been acquired yet for the same consideration provided in the Offer. In this regard, a meeting of the Board of Directors is scheduled on April 21, 2017, in order to approve the corresponding resolution for its exercise. Delisting of Tecnocom shares will be effective when the squeeze out has been settled. However, prior to the effectiveness of the squeeze out, the suspension of trading of Tecnocom shares will be requested in order to allow the orderly implementation of the same.