The State Company for Industrial Participations (SEPI) has today informed CNMV of the acquisition of shares in Telefónica equivalent to a 3% stake in the company’s share capital.
SEPI has been purchasing Telefónica shares in recent weeks, since the end of last year. It was this Monday when it reached 3% capital, explain sources familiar with the operation, hence the communication to the stock market regulator.
“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 participations upon reaching the threshold established by the regulations on the matter,” explains the company dependent on the Ministry of Finance.
The terms of the operation, its cost and future shareholding movements are “confidential”, explain SEPI sources. Taking into account Telefónica’s price in recent weeks, between 3.75 and 4 euros per share, the State would have paid between 650 and 700 million for 3% of the telecom company, as long as it had acquired the entire package in this range of prices.
SEPI is defined as a shareholder “with a vocation for permanence” to remain in Telefónica. Its participation will allow “to provide Telefónica with greater shareholder stability to achieve its objectives, contributing to the safeguarding of the strategic capabilities of a strategic company for national interests due to its leadership in the telecommunications sector and its industrial capabilities, determinants in areas such as security and defense”, explains the public company.
Telefónica sources explain that the SEPI operation is confirmation of the Government’s plans and that the company was not aware of these acquisitions. The ‘teleco’ highlights that the fact that the public company is part of its shareholders “demonstrates 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”. And he adds: “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.”
