Amper buys Teltronic for up to €225M to boost defence business
What's the deal? Spanish technology group Amper has signed a binding offer with private equity firm Nazca Capital and two of its funds to acquire 100% of Next Gen Critical Comms, the parent company of Teltronic, a Spanish firm specialising in mission-critical radio communications equipment for strategic sectors.
The deal is valued at up to €225M. It includes a fixed payment of €155M, a contingent earn-out of up to €45M tied to performance targets, and Amper's assumption of €25M in Teltronic debt. Amper said the valuation equates to less than nine times Teltronic's 2025 EBITDA.
Why now? Defence and security spending across Europe is surging as governments respond to geopolitical instability. Teltronic's focus on mission-critical communications — used by military, emergency services, and transport operators — positions it squarely in a sector attracting record investment. For Amper, the acquisition strengthens its foothold in a market with strong tailwinds.
What could go wrong? The earn-out structure suggests both sides see upside risk in Teltronic's trajectory, but it also means the final price tag could climb significantly. Integrating a specialised communications firm into Amper's broader technology portfolio will require careful execution. The €25M debt assumption adds leverage at a time when borrowing costs remain elevated.
The signal: This deal reflects a broader European trend: mid-cap technology and defence companies consolidating to compete for ballooning government contracts. As NATO members push toward higher defence budgets, firms with proven mission-critical infrastructure are becoming prime acquisition targets. Expect more deals like this as the sector heats up.
Read more: bolsamania.com
