Ohmnia launches €250m takeover bid for Azkoyen at €10 per share

The offer

On 24 July 2026, the Basque group Ohmnia announced a voluntary public takeover bid (OPA) for all shares of Azkoyen, the Navarre-based automated solutions company. The cash offer of 10 euros per share implies a total equity value of around 250 million euros. Azkoyen's shares ended Friday's session at 11.4 euros, so the bid sits below the current market price. Ohmnia stressed that the offer provides a liquidity window at a level that is attractive relative to the stock's historical trading range. The bid is conditional on acceptance by holders of at least 50% of Azkoyen's share capital, a threshold the buyer says is needed to ensure leadership of the resulting project. It also remains subject to the usual regulatory approvals.

The transaction offers current shareholders of Azkoyen a liquidity window at an attractive price compared to the historical prices of the stock.

The bidding consortium

Ohmnia's core shareholders are Clerbil, the investment vehicle of entrepreneur José Antonio Jainaga (president of Sidenor and Talgo), alongside Carmen Lequerica Holding, the Basque Institute of Finance (IVF) and the Vital Banking Foundation. For this transaction, the group is bringing in two new partners: the BBK Foundation and Indar Kartera, the investment arm of Kutxabank. Ohmnia is a technology and industrial group with 20 companies active in electronic and metal manufacturing for sectors including health, energy, defence, access control and rail. It employs more than 1,000 people and generates revenues of 190 million euros and EBITDA of 27 million. Jainaga, who recently led the acquisition of train maker Talgo, sees Azkoyen as a logical addition to this portfolio.

Azkoyen's shareholder structure

Azkoyen's largest shareholder is Inverlasa, the family holding of the Ruiz Lafita family, with a 29% stake. Banco Santander holds 6% and the Masaveu family 5.6%. The remaining shares are free float. Ohmnia's 50% acceptance threshold means it must secure the support of at least the two largest holders combined, or a broader coalition, to take control. The company produces coffee and vending systems, payment technologies and time and security solutions, with a strong export orientation. Ohmnia believes Azkoyen's product families can benefit from Ohmnia's manufacturing and engineering capabilities.

Financing and deal mechanics

The acquisition will be financed through a capital increase at Ohmnia, to which the existing and new partners will subscribe. In addition, CaixaBank and Banco Sabadell have committed to provide bank financing to complete the package. Alantra and Cuatrecasas are advising the offeror. Ohmnia has stated that it intends for Azkoyen to remain a listed company, viewing the stock market listing as a platform for future growth and further acquisitions.

It is an opportunity to share knowledge and collaborate to develop more advanced, specialised and higher value-added industrial solutions. A tech-industrial group of reference in Europe with the support of two new investment partners: the BBK Banking Foundation and Indar Kartera.

Building a larger tech-industrial group

Combining Ohmnia and Azkoyen would create a group with pro-forma revenues of 400 million euros, EBITDA of 65 million and a workforce of approximately 2,000 people. Ohmnia describes the merged entity as a diversified and internationalised technology-industrial group. The group's existing sectors (health, energy, defence, access control, rail) would gain access to Azkoyen's automated retail and payment systems, opening cross-selling and innovation opportunities. The bid represents a further step in Ohmnia's inorganic growth strategy, initiated in 2019.