SEPI initiates purchase of Telefónica and acquires 3% of teleco’s capital | Companies

The Saudi STC’s Investment in Telefónica: New Ownership Dynamics and Ongoing Purchases

The Saudi STC’s acquisition of 9.9% of Telefónica’s capital has led to the State of Spain becoming a shareholder once again, 26 years after its previous ownership. In response to the acquisition, the government instructed the State Society of Industrial Participations (SEPI) to purchase an additional 10% of the company. The SEPI already holds 3% of Telefónica’s capital and is required to disclose its ownership once it exceeds that threshold.

The recent purchase represents an investment of about 700 million euros towards the goal of reaching 10% ownership. This move was part of the government’s strategy announced last year to acquire a 10% stake in the company. Despite ongoing purchases over several days, the announcement was made only recently. Additionally, CaixaBank, a major shareholder, reduced its stake in Telefónica from 3.510% to 2.510% through the sale of financial coverage. This decision was made independently of the State’s acquisitions.

The SEPI clarified that its purchases were initiated to comply with the government’s directive to acquire up to 10% of Telefónica’s shares. Meanwhile, Criteria, the investment arm of La Caixa Banking Foundation, has continued to increase its position in Telefónica through recent acquisitions. While these developments unfold, the Saudi STC’s intentions following its acquisition remain uncertain as there have been months of silence from the telecom company regarding board membership discussions.

Despite these changes in ownership dynamics and ongoing investments by various shareholders, Telefónica remains focused on delivering value to its customers and meeting its long-term strategic goals as it continues to operate within this evolving business landscape.

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