Talgo Moves Headquarters Back to Álava
Significant Corporate Transition
In a pivotal shift, Talgo, the renowned train manufacturing company, has announced the relocation of its headquarters from Madrid back to Álava. This decision follows a recent takeover by the State through the Sepi and the Basque Government, marking a new chapter in the company’s history.
Leadership Changes at Talgo
The announcement was made on December 17, 2025, after formalization of agreements from a Talgo shareholders meeting held on December 12. One of the most notable changes includes the departure of CEO Gonzalo Urquijo, who will be succeeded by Rafael Sterling. Sterling, who joined Talgo in 2022, brings a wealth of experience from his previous role at Irizar.
The board also welcomed Maite Echarri and José Antonio Jainaga as proprietary directors, representing the Basque Consortium. In light of recent developments, the board restructuring reflects the commitment of Basque investors led by Jainaga, who has considerable experience in the transportation sector.
Exit of British Stakeholders
The transition also signifies the exit of the British fund Trilantic, which previously controlled 29% of Talgo. This move comes after nearly two years of effort from the British fund to divest its interest, hindered by governmental opposition to offers from potential buyers, including a Hungarian company.
Additionally, the Basque consortium has acquired shares in Pegaso, which previously included Trilantic and other stakeholders. This restructuring aims to solidify regional investment and ensure the continuity of local operations.
Historic Roots in Álava
Talgo’s return to Álava is momentous, as the region has long served as the company’s foundational base since its inception in 1942. The Rivabellosa facility is where Talgo manufactures all of its train cars, employing over 700 individuals. The strategic decision to return to its roots not only strengthens local ties but also enhances the company’s operational capabilities.
Upcoming General Meeting
Looking ahead, Talgo is scheduled to hold its first General Meeting on January 27, 2026, after the recent changes in shareholding structure. This meeting will be crucial for ratifying the board’s adjustments and solidifying the leadership transition.
In addition, the recent shareholders meeting authorized a significant debt refinancing plan, securing €770 million through a syndicate of banks, including CaixaBank, BBVA, Kutxabank, and ICO. The operation is supplemented by state-owned Cesce, which has provided hedging instruments amounting to €765 million.
Conclusion
Talgo’s transition back to its historical headquarters symbolizes not just a change in location, but an extensive reshaping of its corporate structure. With new leadership and the reestablishment of local governance, the future looks promising for Talgo as it aims to strengthen its market position and enhance production capabilities while honoring its historical roots in Álava.