SEPI Secures Stake in Telefónica: Reinforcing Strategic Capabilities and Shielding the Company from Uncertainty

Government acquires 3% stake in Telefnica, becoming a new shareholder.

The State Industrial Participation Company (SEPI) has announced its acquisition of a 3% stake in Telefónica, after receiving approval from the Government to become a shareholder in the company. SEPI stated that their investment will provide Telefónica with greater stability and help safeguard its strategic capabilities.

The stake consists of 175 million shares valued at approximately 700 million euros, based on recent market prices of 3.99 euros per share. With SEPI’s entry and CaixaBank’s reduction of 1% of its shares in the market, the State has become the fourth-largest shareholder in Telefónica.

Telefónica welcomed SEPI’s investment and highlighted its leading role in telecommunications and digital development as justification for their partnership. The company pledged to continue delivering excellent service to customers while also creating value for shareholders through its strategic plan.

The Council of Ministers had authorized SEPI to purchase up to 10% of Telefónica in December, but there were initial doubts due to financial constraints. However, as Telefónica’s shares surged, the operation gained momentum, and CaixaBank also reduced its stake in the company.

The reduction in CaixaBank’s participation diminishes the “Spanish core” within Telefónica, which is composed of BBVA and CaixaBank’s shares. The Government aims to strengthen this core by acquiring 10% of Telefónica through SEPI as part of a broader strategy involving financial restructuring and stake adjustments within the company.

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