Talgo embarked on a new chapter on 17 December with the arrival of new shareholders and the return of its registered office to Rivabellosa (Álava), marking the end of two years of uncertainty for the rolling stock manufacturer.
The so‑called Basque Consortium — made up of the Ekarpen Private Equity fund, the BBK and Vital foundations, and the Basque Government — has, together with Clerbil (a company owned by Sidenor’s chairman José Antonio Jainaga), completed the acquisition of 29.76% of Talgo’s share capital (specifically 29.76327%, according to ElEconomista.es) for €156 million from the Trilantic fund.
The deal is complemented by SEPI’s entry as a significant shareholder and by a comprehensive €770 million refinancing package to secure the group’s financial stability. This step follows the Shareholders’ Meeting’s approval of the operation on 12 December.
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The Oriol family loses control of Talgo
The change in shareholding marks a turning point: after 84 years, the Oriol family has lost the chairmanship of the board of directors. Under the new governance agreement, the Basque Consortium will appoint the company’s chair, while Clerbil will nominate the chief executive officer.
At the first board meeting under the new structure, Talgo dismissed Gonzalo Urquijo and promoted Rafael Sterling to CEO. A telecommunications engineer with an MBA from the University of Deusto, Sterling has extensive experience at Irizar and Talgo. He has served as the manufacturer’s Chief Commercial Officer since September 2022 and Chief Operating Officer since November 2024.
At an institutional level, the board has incorporated José Antonio Jainaga and Maite Echarri as proprietary directors representing the Basque Consortium, alongside the forthcoming appointments of José Antonio Sánchez Corchero (SEPI), Arantza Estefanía and Ricardo Chocarro.
Moreover, an Extraordinary General Meeting convened for 27 January in Álava will ratify these appointments and endorse the new governance structure.
The deal also consolidates Talgo’s financial footing. The new loan and credit lines guaranteed by CESCE will support its international projects with Deutsche Bahn, Flixtrain and Egyptian Railways, while strengthening its industrial commitment to the Basque Country, where the Rivabellosa plant will continue manufacturing all cars in the Talgo Avril family.
With this restructured shareholder base and the active presence of Basque public and private institutions, Talgo reinforces its regional roots and embarks on a new era driven by shared leadership and a long-term vision.