It’s now official: the Government is once again a shareholder of Telefónica

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it's now official the government is once again a shareholder of telefónica
it's now official the government is once again a shareholder of telefónica

The State Company for Industrial Participations (SEPI) , which depends directly on the Ministry of Finance, has notified the National Securities Market Commission (CNMV) of the purchase of a package of Telefónica shares equivalent to 3% of the operator’s share capital. This implies that, after more than 20 years, the Government is once again a shareholder in Telefónica.

It was something sung, but it had not yet materialized. Everything was precipitated when the Saudi operator stc bought 9.9% of the capital of the Spanish company. The Government had to come to the fore of this operation to ensure greater stability for Telefónica, in addition to being able to ensure the strategic capabilities of the operator.

A statement to reassure

A little before eight this Monday, March 25, 2024, the State Society of Industrial Participations (SEPI) has made the purchase of Telefónica shares official. Initially, it will be 3% of the share capital , but eventually it will reach a maximum of 10% to become the first shareholder. The statement issued reads as follows:

“In compliance with the agreement of the Council of Ministers last December, which orders SEPI to purchase shares up to a maximum of 10% of the company’s share capital, the State Company has reached 3%, communicating the acquisition of significant stakes upon reaching the threshold provided for by the regulations on the matter.”

“The entry of SEPI, a shareholder with a vocation for permanence, will allow Telefónica to provide greater shareholder stability to achieve its objectives, contributing to the safeguarding of the strategic capabilities of a company strategic for national interests due to its leadership in the telecommunications and its industrial capabilities, determining factors in areas such as security and defense.”

For its part, Telefónica has not given more information on the matter, limiting itself to saying that:

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“The purchase of a share package by SEPI is confirmation of the announcement made on December 19 in a relevant fact sent to the National Securities Market Commission. We have no more information about it. In any case, the interest in Telefónica shows that it is a leading, strategic and attractive company, not only in the field of telecommunications, but also in the development of the whole of the new digital era, both in Spain and internationally.” , adding that “At Telefónica we will continue to focus on the execution of the 2023-2026 Strategic Plan to continue creating value for shareholders and provide the best service to customers . ”

The purchase of this package involves the disbursement of around 690 million euros . For its part, the acquisition of the remaining 7%, up to the expected 10%, would mean the payment of another 1,600 million euros.