The price is €4.15 per Talgo share, plus an additional €0.85 to be paid by the consortium if the company meets financial targets to be determined, the train maker said in a statement to the stock market regulator.
The agreement is pending approval by all parties, who expect to formalize the transaction "in the next few days," the company added.
"The return of the decision center to our territory means recovering one of our signs of industrial identity," said Ramiro González, the head of the province of Álava, one of the three in the Basque Country.
The total offer represents a maximum valuation of around 595 million euros for the whole company.
The consortium had said last week that it had offered up to €4.80 ($4.95) per Talgo share, including €0.65 contingent on the company meeting financial targets in 2027 and 2028.
(Reporting by Inti Landauro and Ana Cantero; editing by Andrei Khalip and Elaine Hardcastle; Spanish edition by Mireia Merino)
