Spain's publicly-owned investment entity, the Society of Industrial Participations (SEPI), has successfully achieved its objective of acquiring a 10 percent ownership stake in Telefónica. This goal was set in late 2023 in response to stc's existing stake in the telecommunications operator.
SEPI announced that it notified the stock market regulator, CNMV, about the acquisition, which boosted its ownership from 6 percent, as recorded at the end of April.
Read More: Spain Progresses Towards 10% Stake in Telefónica
The process of acquiring this stake began in March, following a directive from Spain's economic ministry. Within three months, SEPI had secured a 3 percent holding. This strategic move aims to position the nation's investment as a major shareholder in Telefónica, in competition with stc.
In 2023, the Saudi operator, stc, invested EUR 2.1 billion to acquire a stake representing nearly 10 percent ownership.
Overall, SEPI purchased over 567 million shares, amounting to approximately EUR 2.3 billion. SEPI informed the CNMV that the acquisition of the 10 percent stake concludes the implementation of the purchase operations directed by the cabinet.
The government emphasized that SEPI's ownership will provide greater shareholder stability, which is essential for the company to achieve its long-term objectives. This stability ensures a consistent and supportive environment, enabling the company to focus on its strategic goals without the disruptions that can come with fluctuating ownership.
Furthermore, the government underscored that SEPI’s involvement is crucial for protecting the strategic capabilities of a key player in the telecommunications sector. This ownership not only secures the company’s operational integrity but also strengthens national security by maintaining control over critical infrastructure and technological advancements within the industry.
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Through SEPI's ownership, the government aims to bolster the company's resilience and competitive edge in a rapidly evolving market, ensuring it remains a vital contributor to the nation's economic and technological progress.
