Alantra gives six Equities executives shares worth €4.2 million

Alantra has changed its ownership structure in Spain by taking a larger stake in its stock-market business, Alantra Equities.

Six executives accepted an offer to exchange their shares in the subsidiary for shares in Alantra, worth about €4.2 million in total.

Alantra's stake in the subsidiary rose from 50% to 86.74%, while analyst Francisco Riquel declined the offer and kept an 11.66% stake.

The company says the change will simplify its structure and help its teams work more closely together as it seeks to grow its investment banking business in Spain.

Fernando Lafuente, one of the former co-heads of Alantra Equities, will lead mergers and acquisitions work for listed Spanish companies, while Pedro Garnica will head the stock-market business alone.

The executives can freely sell 10% of the shares they received, but must wait until the third year to begin selling the rest in stages.

They can sell all of those shares freely from the fifth year, and are expected to stay at Alantra for at least five years under the agreement.