Image
Spain’s state investment firm, Sepi, has increased its stake in the Spanish telecoms group to 5%, in a move designed to counteract Saudi Arabian incumbent stc.
Sepi increased its stake in Telefonica, a former state-run monopoly that was privatised in the late 1990s, to 3% in March. The 5% holding is valued at about €1.1 billion.
Its increase to 5% means it overtakes stc’s 4.9% shareholding.
Stc quietly became the largest shareholder in Telefonica in September 2023, with ownership of financial instruments that it give it an additional 5% economic interest on top of its 4.9% cut of the shares.
The Spanish government must approve the conversion of that 5% into shares, as Telefonica is deemed a company of national importance.
