The Enormous Defense Operation: Nazca Values Oesia at Nearly €300 Million
As the defense industry continues to play a pivotal role in global economic discussions, a significant development has unfolded in Spain, marking a noteworthy presence in corporate maneuvers. The recent entry of Nazca Capital into the capital structure of Grupo Oesia not only stands out as one of the largest corporate operations within the sector but also signals an evolving landscape in defense investments.
Nazca Capital’s Strategic Involvement with Grupo Oesia
In April of 2026, the public announcement of Nazca Capital’s involvement in Oesia unveiled the defense and technology group’s strategic plan. The fund, which specializes in defense investments, entered as a “minority and temporary” partner, with the potential to escalate its stake to 39%. This partnership marks an essential transition into the defense sector, which has seen limited significant corporate activity in Spain until now.
Interestingly, the agreement was clinched ten months prior, on July 24, 2025, when Nazca infused €70 million into Oesia. This initial investment has positioned the company for a robust evaluation that currently values Oesia at approximately €286 million plus additional debts, bringing the aggregate valuation to around €370 million.
Valuation Insights: What’s at Stake?
The valuation of Oesia, based on its earnings before interest, taxes, depreciation, and amortization (EBITDA), reflects industry standards. Nazca’s funding sets the company’s valuation at ten times its previous year’s EBITDA; however, projections for 2025 suggest a multiple of 5.4 times EBITDA. This discrepancy hints that future investments might secure a higher valuation for Oesia.
Moreover, Nazca’s previous successful transactions, such as selling part of Teltronic to Amper at nearly nine times EBITDA, illustrate the competitive nature of the defense marketplace. With many listed companies in this sector attaining multiples exceeding ten times EBITDA, the current discount in Oesia’s valuation can primarily be attributed to Nazca’s minority stake.
Board Composition and Governance Mechanisms
Despite holding a minority position, Nazca Capital wields significant influence within Oesia. Two representatives from Nazca serve on the Board of Directors, which is integral for governance and operational strategy. Alongside these representatives and Oesia’s majority shareholder, Luis Furnells, five independent directors contribute to the decision-making process, ensuring diverse oversight.
Recently, Oesia experienced changes in its board composition with the departure of notable independent directors, including Virginia Comino and Ángeles Masó. As the company strives to triple its revenue by 2030—aiming for a target turnover of €1 billion—it faces the critical challenge of maintaining effective governance while fostering growth.
Forward Outlook for Grupo Oesia
As Nazca Capital navigates its role in Oesia, market analysts are watching closely to see how this partnership will unfold. With the aim of expanding its influence, the group focuses on the dynamics of defense investments that are likely to shape the future trajectory of the sector. As the defense industry prepares for continued prominence in the economic landscape, operations like these will prove instrumental in steering corporate strategies and fostering innovation in a competitive environment.
In summary, the entry of Nazca into the capital of Grupo Oesia not only enhances the valuation metrics but also illustrates the potential of defense investments to transform business landscapes, underscoring an era of corporate activity within the sector.