JPMorgan Chase & Co (NYSE:JPM) has reportedly acquired a 10.6% share in the Spanish defense systems manufacturer Indra.
This acquisition places JPMorgan as the second-largest stakeholder in the company, closely following the Spanish state holding company SEPI, which holds a 25.2% share, reported Reuters.
The value of JPMorgan's stake in Indra is estimated to be around €268 million ($294.10 million), as per the latest market prices, as per the report.
Indra, known for its expertise in defense systems, has seen a surge in strategic significance following the geopolitical developments in Europe, especially after Russia invaded Ukraine. Spain has committed to increasing its defense spending to meet NATO requirements in the upcoming years.
The report further noted that the acquisition by JPMorgan comes on the heels of a similar move by Spanish aerospace company Escribano, which increased its stake in Indra to 8% from the previous 3.4%.
Price Action: JPM shares closed higher by 0.51% at $154.32 on Wednesday.
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