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JPMorgan buys a 10.6% stake in Spanish defence company Indra

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing Rights

Nov 30 (Reuters) – JPMorgan bought a 10.6% stake in Spanish defence systems maker Indra (IDR.MC), the stock market regulator said on Thursday.

Following the transaction, JPMorgan has become the second-largest shareholder after Spanish state holding company SEPI, which owns a 25.2% stake, according to data from LSEG.

The JPMorgan stake in Indra is worth about 268 million euros ($294.10 million) at market prices.

Last week Spanish aerospace company Escribano said it had increased its stake in the Spanish company to 8% from 3.4% as it intended to contribute to the development of its defence programmes.

Indra’s strategic relevance has increased since Russia’s invasion of Ukraine as Spain has promised to boost its defence spending as…

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