The Asian giant Saudi Telecom breaks into Telefónica. The group announces the acquisition of 9.9% of Telefónica. Disbursed for a total import of 2,100 million euros. It becomes the first shareholder, ahead of Caixabank, BBVA and Blackrock. This transaction will need the authorization of the Government. The group assures that it has no intention of acquiring control or a majority stake in the holding company chaired by José María Álvarez-Pallete.
The investment has been made through the acquisition of shares representing 4.9% of Telefónica’s share capital and financial instruments that confer economic exposure to another 5.0% of Telefónica’s share capital. stc Group will obtain the voting rights corresponding to that 5.0% through the physical liquidation of the aforementioned instruments after obtaining the necessary regulatory authorizations. stc Group does not intend to acquire control or a majority stake in Telefónica. The investment reflects stc Group’s confidence in Telefónica’s management team, its strategy and ability to create value.
stc Group is the digital leader in the Middle East, delivering innovative products and services in Saudi Arabia, the Middle East and North Africa. It provides one of the best-in-class digital solutions and services, including telecom, IoT, 5G, cloud services, Fintech, and other advanced digital solutions. stc Group is listed on the Saudi Arabia Stock Exchange with a market capitalization of 49.2 million euros.
