The US government has disclosed new data regarding the price paid to enter Telefónica by Spain’s State Society of Industrial Participations (Sepi). According to a statement to the SEC, Sepi has purchased 5% of Telefónica at around 3.92 euros per share, which is 4.5% more than the Saudi group STC paid for the same package of shares. In total, the government has dedicated approximately 1,135 million euros of public money to this investment.

This news has caused speculation that prices would rise due to a new buyer (Sepi) entering the market. Telefónica’s shares rose above 4.1 euros per title in response to the news. The Saudi group had previously purchased or tied up around 9.9% of Telefónica at a lower price of 3.75 euros per share on average.

According to the information provided to the SEC, Sepi acquired the shares in order to carry out the Spanish government’s order to acquire up to 10% of Telefónica’s shares in order to promote stability and safeguard strategic interests. The Spanish Public Treasury financed these purchases with capital contributions.

Sepi affirms that Telefónica is of crucial importance to the Spanish economy, productivity, research activities, security, defense, and public interest. The government advisors do not hold shares of Telefónica except for the Secretary of State for the Economy, Israel Arroyo, who holds 379 shares.