Aicox and Senda buy 5G specialist Atika in bid to build €400m Spanish military-communications group

04/11/2026
5
Abstract AI-generated illustration of glowing network nodes and signal arcs on a dark blue background

Spain's defence-technology sector is consolidating. Aicox, a communications-equipment company owned by the Laborda family, and Senda Investment Partners have completed the acquisition of Atika Technologies, a developer of private 5G networks and deployable connectivity kits, Spanish defence outlet Infodefensa reported (translated). The deal is the first named piece of a planned group specialising in military communications and electronic warfare. Its promoters value the group at about €400m and target aggregate sales of €110m and EBITDA above €30m.

None of those numbers has been audited or published by the companies themselves. They come from the parties and from "sources familiar with the operation" quoted by Infodefensa. The purchase price for Atika was not disclosed, regional outlet Go Aragón noted (translated).

Who is paying

The money comes from Senda Investment Partners, a fund launched this year by Víctor García Reymundo and Javier Olascoaga, two Spanish partners of Trilantic Europe, according to business daily Expansión (translated). Senda has committed to invest up to €300m in Aicox. In October Expansión reported a capital increase of about €250m, a figure first published by El Confidencial. The paper also said the Laborda family's stake could fall below 50% after the deal, although the family wants to keep control of governance.

Expansión reported on 19 October that Aicox was in advanced talks to absorb up to seven companies: three mid-sized and four small. Atika is the first to be named.

What Atika brings

Atika was founded and is mainly owned by Rafael Argudo García de Lago and Guillermo Cervera de la Hera. It describes itself as a technology partner of Telefónica and builds private 5G networks that can be deployed in the field. Turkish defence site Envanter Medya, citing the deal announcement, said its equipment was tested during a NATO mission in Slovakia (translated). We could not independently confirm that claim.

According to Envanter Medya, Cabal Capital advised Atika and acted as a financial partner. Bores y Cía, Garrigues and Pérez-Llorca handled the legal work, and KPMG and PwC ran financial due diligence.

Why it matters

Madrid has pledged to raise military spending sharply, but Spain's defence-electronics base is fragmented. Indra dominates, and dozens of family-owned suppliers sit beneath it. Aicox's pitch is that combining them creates a domestic champion big enough to bid for major Ministry of Defence contracts and international programmes. This is a familiar private-equity play: buy several small suppliers, merge them and sell the combined group at a higher valuation.

The risks are also familiar. Projected EBITDA margins above 27% are high for a hardware business. Six of the seven targets remain unnamed. The factories that would turn the plan into industrial capacity do not exist yet. Expansión reported an 18,000 m² plant in San Agustín de Guadalix (Madrid), due to start in the second quarter of 2027, and a second plant of about 20,000 m² due in late 2028 or early 2029.

What next

Watch for the remaining acquisitions, any Ministry of Defence contract awards to the enlarged group, and whether Senda's full €300m is actually drawn down.

Sources: Infodefensa (translated); Expansión (translated); Envanter Medya (translated); Go Aragón (translated).

Sources

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Aicox and Senda buy 5G specialist Atika in bid to build €400m Spanish military-communications group

04/11/2026
5
Abstract AI-generated illustration of glowing network nodes and signal arcs on a dark blue background

Spain's defence-technology sector is consolidating. Aicox, a communications-equipment company owned by the Laborda family, and Senda Investment Partners have completed the acquisition of Atika Technologies, a developer of private 5G networks and deployable connectivity kits, Spanish defence outlet Infodefensa reported (translated). The deal is the first named piece of a planned group specialising in military communications and electronic warfare. Its promoters value the group at about €400m and target aggregate sales of €110m and EBITDA above €30m.

None of those numbers has been audited or published by the companies themselves. They come from the parties and from "sources familiar with the operation" quoted by Infodefensa. The purchase price for Atika was not disclosed, regional outlet Go Aragón noted (translated).

Who is paying

The money comes from Senda Investment Partners, a fund launched this year by Víctor García Reymundo and Javier Olascoaga, two Spanish partners of Trilantic Europe, according to business daily Expansión (translated). Senda has committed to invest up to €300m in Aicox. In October Expansión reported a capital increase of about €250m, a figure first published by El Confidencial. The paper also said the Laborda family's stake could fall below 50% after the deal, although the family wants to keep control of governance.

Expansión reported on 19 October that Aicox was in advanced talks to absorb up to seven companies: three mid-sized and four small. Atika is the first to be named.

What Atika brings

Atika was founded and is mainly owned by Rafael Argudo García de Lago and Guillermo Cervera de la Hera. It describes itself as a technology partner of Telefónica and builds private 5G networks that can be deployed in the field. Turkish defence site Envanter Medya, citing the deal announcement, said its equipment was tested during a NATO mission in Slovakia (translated). We could not independently confirm that claim.

According to Envanter Medya, Cabal Capital advised Atika and acted as a financial partner. Bores y Cía, Garrigues and Pérez-Llorca handled the legal work, and KPMG and PwC ran financial due diligence.

Why it matters

Madrid has pledged to raise military spending sharply, but Spain's defence-electronics base is fragmented. Indra dominates, and dozens of family-owned suppliers sit beneath it. Aicox's pitch is that combining them creates a domestic champion big enough to bid for major Ministry of Defence contracts and international programmes. This is a familiar private-equity play: buy several small suppliers, merge them and sell the combined group at a higher valuation.

The risks are also familiar. Projected EBITDA margins above 27% are high for a hardware business. Six of the seven targets remain unnamed. The factories that would turn the plan into industrial capacity do not exist yet. Expansión reported an 18,000 m² plant in San Agustín de Guadalix (Madrid), due to start in the second quarter of 2027, and a second plant of about 20,000 m² due in late 2028 or early 2029.

What next

Watch for the remaining acquisitions, any Ministry of Defence contract awards to the enlarged group, and whether Senda's full €300m is actually drawn down.

Sources: Infodefensa (translated); Expansión (translated); Envanter Medya (translated); Go Aragón (translated).

Sources

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