Spain Floats Plan to Allow Indra Defense Deal, Keep Control

The Spanish government has floated a proposal to move Indra Sistemas SA’s defense assets into a new subsidiary that could participate in consolidation, while maintaining state control over the parent company, according to people familiar with the matter.

Indra, which has a large IT business and offers air-traffic services in addition to defense, would retain control of the new subsidiary while other companies could also own stakes, according to the people, who asked not to be named because they’re not authorized to speak about the matter.