SEPI initiates purchase of Telefónica and acquires 3% of teleco’s capital | Companies

Telefónica, a telecommunications giant, has seen a significant change in its ownership structure. The State of Spain has become a shareholder in the company once again, 26 years after its previous ownership. This decision comes after Saudi STC announced its acquisition of 9.9% of the company’s capital. In response, the government instructed the State Society of Industrial Participations (SEPI) to purchase an additional 10% of the company.

The State’s interest in Telefónica is part of its strategy to acquire a 10% stake in the company. Despite ongoing purchases over several days, the announcement was made only recently. Additionally, CaixaBank, a major shareholder, reduced its stake in Telefónica from 3.510% to 2.510% through the sale of financial coverage. This decision was made independently of the State’s acquisitions.

Telefónica expressed its confidence in its strategic plan and commitment to providing exceptional service to its customers. CaixaBank communicated its reduction in stake as part of its investment strategy, stating that it did not significantly impact the bank’s financial position. Meanwhile, Criteria, the investment arm of La Caixa Banking Foundation, has continued to increase its position in Telefónica through recent acquisitions. While these developments unfold, the Saudi STC’s intentions following its acquisition of shares remain uncertain.

Despite months of silence from the Saudi telecom company, discussions have taken place regarding its proposed entry into the company’s board of directors. The State solidifies its position in Telefónica as it remains focused on delivering value to its shareholders and customers amidst evolving shareholder dynamics.

The recent purchase represents an investment towards reaching 10% ownership by SEPI which holds 3% already and is required to disclose ownership once it exceeds that threshold.

In conclusion, this move marks another chapter for Telefónica as it navigates changes in ownership with new investors joining and existing ones reducing their stakes while remaining committed to delivering exceptional service to their customers.

By Riley Johnson

As a content writer at, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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