• Mon. Jun 24th, 2024

Saudi STC and SEPI Join Forces to Acquire 9.9% of Telefónica’s Capital

BySamantha Jones

Mar 25, 2024
SEPI initiates purchase of Telefónica and acquires 3% of teleco’s capital | Companies

The Saudi STC has recently acquired 9.9% of Telefónica’s capital, leading the Spanish government to become a shareholder once again. In response to the acquisition, the State Society of Industrial Participations (SEPI) was instructed by the government to purchase an additional 10% of the company’s shares. This brings the SEPI’s ownership to 13% and requires it to disclose its stake once it exceeds 3%. The recent purchase represents an investment of about 700 million euros towards reaching 10% ownership.

The State’s interest in Telefónica is part of its strategy announced last year to acquire a 10% stake in the company. Despite ongoing purchases over several days, the announcement was made only recently. 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. SEPI clarified that its purchases were initiated to comply with the government’s directive to acquire up to 10% of Telefónica’s shares.

Telefónica expressed its confidence in its strategic plan and commitment to providing exceptional service to its customers. CaixaBank communicated its reduction in stake as part of its investment strategy, stating that it will remain focused on delivering value to its shareholders and customers amidst evolving shareholder dynamics. Meanwhile, Criteria, the investment arm of La Caixa Banking Foundation, has continued to increase its position in Telefónica through recent acquisitions, bringing its ownership percentage up from 6% earlier this year.

While these developments unfold, discussions have taken place regarding Saudi STC’s proposed entry into Telefónica’s board of directors. However, no official decision has been made yet on whether or not they will join as a board member or not. As such, it remains uncertain what their intentions are following their acquisition of shares in the company.

Despite months of silence from Saudi telecom company and ongoing changes in ownership dynamics at Telefónica remain dedicated to their long-term strategic goals amidst evolving shareholder dynamics and uncertainty surrounding Saudi STC’s intentions following their acquisition of shares

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

Leave a Reply