Private equity funds Bain Capital, LP and Cinven Limited are considering making an offer for Spanish defence company Indra Sistemas, S.A. (BME:IDR)'s tech unit INDRA SOLUCIONES TECNOLOGÍAS DE LA INFORMACIÓN, S.LU. (Minsait), news website El Confidencial reported on December 12, 2023, citing unidentified sources close to the process. Minsait, which represents about half of Indra's business, would be worth EUR 1.6 billion to EUR 1.8 billion ($1.72 billion-$1.94 billion), El Confidencial said, adding Bain would make an offer for at least a 49% stake.

Indra's CEO Marc Murtra recently said the company was considering all options regarding Minsait to raise cash to finance its growth, El Confidencial said. A spokesperson for Bain declined to comment. Cinven and Indra did not respond to requests for comment.

Indra's main shareholder is Spanish state holding company SEPI with a 25.2% stake, data from LSEG shows.