Talgo is negotiating with Hungarian manufacturer Magyar Vagon to subcontract the production of high-speed trains ordered by Flix, Spanish newspaper El Economista reports.
Magyar Vagon, led by András Tombor, is one of the candidates being considered for the manufacturing work, excluding specific cars with unique configurations which are to remain under Talgo’s control in Spain. The Hungarian group currently operates eight sites across Hungary and previously attempted a full acquisition of Talgo in 2024. The takeover bid was blocked by the Spanish government, citing national security concerns. The Hungarian consortium had included the Ganz-MaVag alliance and the Corvinus state fund.
The Flix order may now create industrial ties between the two firms despite the failed acquisition attempt. Talgo's facilities in Las Matas and Rivabellosa, which are currently handling high volumes of production—especially for Deutsche Bahn—will remain responsible for the first five units. Their limited available capacity has influenced the decision to look for additional partners abroad.
Magyar Vagon’s involvement would reflect a shift in Talgo’s manufacturing footprint, especially in the context of limited progress by other potential investors, including a Basque consortium led by Sidenor and the regional government. Other anticipated transactions, such as a merger with Czech-based Škoda, have not materialized.
For Talgo, the agreement comes during a financial recovery phase, as the company reported a Q1 loss of €7.1 million, partly influenced by a €116 million fine provision related to Renfe. The deal also aligns with changes in the company’s shareholding structure, with new entrants such as Sidenor, BBK, Vital, and the Basque Government preparing to join.
