Indra Group has signed a memorandum of understanding with Canadian AI company Cohere to develop sovereign AI solutions in Spain, Canada and Europe. The partnership, implemented through Indra's IndraMind initiative, aims to protect critical assets and promote bilateral technology cooperation between the two countries. The collaboration will include developing an agentic AI platform to help SMEs expand internationally and strengthen supply chains. IndraMind will provide sovereign computing and data management capabilities, whilst Cohere will supply large language models adapted to Spain's official languages, including Castilian Spanish, Catalan, Valencian, Basque and Galician. The agreement also covers AI research in defence to improve technological interoperability during multinational operations. The MoU was signed during an institutional visit to Canada led by King Felipe VI and Spain's economy minister.

Indra, Spain's defence champion, announced on Monday that CEO José Vicente de los Mozos will not renew his contract when it expires on 30 June. Despite company filings suggesting a voluntary departure, sources say it was a forced exit, with De los Mozos wanting to remain. The departure follows Ángel Simón's appointment as non-executive chairman on 2 April, after Ángel Escribano's resignation. Since arriving, Simón has rapidly accumulated power, being added to and chairing both strategy and executive committees. The Spanish state, through holding company SEPI, owns 28% of Indra, making it the largest shareholder. The government's influence has driven leadership changes over the past year. Indra's shares have fallen over 20% since early March when governance turmoil intensified, though they recovered slightly on Tuesday.

The Escribano brothers, owners of Escribano Mechanical & Engineering (EM&E), have exited Indra's shareholder register through an accelerated placement of their entire 14.3% stake, valued at approximately €1.32 billion at market prices. The sale follows mounting pressure from the Spanish government and state holding company Sepi to resolve conflicts of interest. The move comes just over a month after Ángel Escribano resigned as Indra's executive chairman. EM&E had accumulated its stake through three purchases since May 2023, investing over €380 million via a JPMorgan loan. At Tuesday's closing price of €52.34, the holding represented a potential gain of around €940 million, though the accelerated placement's typical discount may reduce this to approximately €875 million. The exit removes a key obstacle to a potential merger between Indra and EM&E, though negotiations remain stalled.