Amper to Acquire Teltronic from Nazca
Amper to acquire Teltronic from Nazca in deal worth up to €225 million, creating Spanish Tier 1 leader in defence and security communications.
Spanish technology group Amper has signed a binding agreement with private equity firm Nazca Capital to acquire 100 percent of Teltronic, the Zaragoza-based specialist in mission-critical radio communications, in a transaction that could reach a total value of €225 million. The deal positions Amper as a Tier 1 European supplier of communications systems for the defence and security sectors and integrates one of Spain's most established TETRA, LTE and 5G mission-critical technology houses into a domestic dual-use industrial platform.
The agreed consideration comprises a fixed purchase price of €155 million, implying an Enterprise Value of less than nine times Teltronic's 2025 EBITDA, which exceeded €20 million. The transaction also contemplates a contingent earn-out of up to €45 million, subject to the achievement of performance objectives customary in transactions of this nature, together with the assumption by Amper of €25 million of Teltronic debt.
Under the terms of the agreement, the fixed amount will be settled through a €111 million cash payment, for which Amper envisages the participation of one or more co-investors, and a €44 million payment in newly issued Amper shares. The shares will be subscribed by Nazca through a non-cash capital increase at an issue price of €0.23 per share, representing approximately 7.75 percent of Amper's enlarged share capital. Any contingent payment would be settled entirely in cash. The structure brings Nazca into Amper's shareholder base and formalises what both companies describe as a stable, long-term industrial collaboration.
Founded in 1974, Teltronic designs and manufactures professional radio communications systems used by police forces, fire and emergency services, metros, light rail and high-speed rail operators, critical industrial infrastructure operators and private broadband network customers across more than forty countries. The company's portfolio spans TETRA infrastructure and terminals, mission-critical LTE and 5G solutions, dispatch systems and rail-grade communications, with reference deployments on metro and rail networks in Europe, the Americas and Asia-Pacific.
Nazca acquired Teltronic in July 2025 from China's Hytera Communications through its specialised defence fund, in a transaction valued at the time at approximately €120 million. That acquisition was framed as a strategic repatriation of technology and industrial capabilities considered critical to Spain's sovereign communications base. The agreement now reached with Amper consolidates Teltronic's capabilities within a Spanish-listed industrial group already positioned as a Tier 1 supplier in national defence and security, with proprietary dual-use technologies.
The transaction sits within the framework of Spain's National Defence and Security Strategy and the country's broader strategic autonomy agenda. It is also aligned with Amper's 2026–2028 strategic plan, which contemplates the acquisition of between three and five defence companies with the objective of exceeding €800 million in revenue. Amper expects the integration of Teltronic to deliver significant commercial, technological and operational synergies, to consolidate its market position in Brazil and Mexico, and to open access to North American markets including the United States and Canada.
Enrique López Pérez, Chief Executive Officer of Amper, said the operation represents a transformational milestone for the group, positioning Amper as a Tier 1 player in Europe in defence and security communications and reinforcing its ambition to lead the Spanish mid-cap segment in dual-use technologies, while strengthening its strategic relationship with Nazca.
Carlos Carbó, Executive Chairman of Nazca, said the divestment, combined with the firm's incoming stake in Amper, forms part of Nazca's objective of contributing to the safeguarding and development of strategic capabilities for national defence and to the strengthening of Spain's defence and security industrial base from its position as a specialised investor in the sector.
The sale and purchase agreement is expected to be signed before 16 June 2026, subject to the satisfaction of regulatory conditions precedent in several jurisdictions and to approval by Amper's General Shareholders' Meeting. Amper is being advised by Bestinver Securities as financial advisor and Cuatrecasas as legal advisor. Nazca Capital is being advised by Banco Sabadell as financial advisor and Uría Menéndez as legal advisor.
The transaction is one of the most significant consolidation moves in the European critical communications sector to date, bringing together a listed industrial group and an established mission-critical radio specialist under a single Spanish ownership structure with explicit defence and dual-use ambitions.
