The notification arrived on the third day. The Saudi giant STC (Saudi Telecom Company) has formally notified the National Securities Market Commission (CNMV) of the purchase of up to 9.9% of Telefónica. This acquisition is being carried out by a Luxembourg-based firm called Green Bridge Investment Company, which was created at the end of last May. It confirms the structure and points out that the 5% committed through derivatives will need “the approval of the Spanish Council of Ministers.”
Specifically, as recorded in the share registry of the Spanish stock market supervisory body, last Tuesday, May 5, it reached 4.9% of the Spanish telecommunications operator and signed a contingent purchase and sale agreement on the remaining 5% through financial derivatives. , whose effectiveness is subject to approval by the Government and whose price will be settled in cash.
The company carrying out the acquisition is based in Luxembourg. The company is named Green Bridge Investment Company SCS. This, whose corporate purpose is simply the acquisition and holding of assets, was created on May 21, three and a half months before formalizing the entry into the shareholding of the Spanish company. The sole administrator is in turn another Luxembourg company (Green Bridge Management Sarl). This is a structure that is usually common in this type of operation.
