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

Government Acquires Stake in Telefónica: SEPI Becomes Fourth Largest Shareholder

The State Industrial Participation Company (SEPI) has recently announced its acquisition of a 3% stake in Telefónica, following the Government’s authorization to become a shareholder in the company. The stake consists of 175 million shares valued at approximately 700 million euros based on market prices, which have risen to 3.99 euros in recent weeks.

With SEPI’s entry and CaixaBank’s reduction of 1% of its shares in the market, Telefónica has become the fourth largest shareholder in the company. SEPI emphasized Telefónica’s strategic importance and industrial capabilities as justification for their investment. In response, Telefónica highlighted its leading role in telecommunications and digital development, pledging to continue creating value for shareholders and delivering excellent service to customers through its strategic plan.

The Council of Ministers authorized SEPI to purchase up to 10% of Telefónica in December. Although there were initial doubts due to financial constraints, the operation gained momentum as Telefónica’s shares surged. CaixaBank also reduced its stake in Telefónica, aligning with its strategy to rotate its position in the company. The reduction in CaixaBank’s participation diminishes the “Spanish core” composed of BBVA and CaixaBank’s shares within Telefónica, making way for the Government’s acquisition of 10% through SEPI. This move is part of a broader strategy involving financial restructuring and stake adjustments within the company.

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