Santander advised and Bankinter facilitated Sepi’s entry into Telefónica.
According to financial sources familiar with the situation, the State Industrial Participation Company (SEPI) appointed Banco Santander as its financial adviser and Bankinter as the intermediary to carry out the transaction to buy 10% of Telefonica shares.
The order was made through limited competition which was not published on the public contracting platform due to its necessary confidentiality, but through a competitive procedure in which several entities participated.
In December last year, the government commissioned Sepi to purchase Telefonica shares worth up to 10% of the operator’s capital the goal of maintaining the Spanish identity of the company and that strategic decision making will continue as before.
The order was made through limited competition which was not published on the public contracting platform due to its necessary confidentiality, but through a competitive procedure in which several entities participated.
In December last year, the government commissioned Sepi to purchase Telefonica shares worth up to 10% of the operator’s capital the goal of maintaining the Spanish identity of the company and that strategic decision-making will continue as before. In parallel, the industrial holding Criteria La Caixa Banking Fund, He also developed a share purchase program to achieve the same percentage of capital as the public sector.
Having received the assignment, Sepi began the process of finding consultants in January, which culminated in February with the appointment of Santander’s financial consultant and intermediary for the Bankinter operation. The purchase process It started in February and ended on May 20 last year. when Sepi informed the CNMV and US stock market authorities that the operation was complete.
Sepi, which complied with existing requirements in the US when the company was listed there under the ADR formula, immediately reported an increase in its participation when it exceeded 3% and increased by more than one point. In March it exceeded 3%; in mid-April 5% and at the end of that month 6%, to reach 7% and 8% in the first days of May and reach the final target on May 20. It took only three months to reach the target.
The purchase of shares has always been carried out through market transactions, without resorting to the conclusion of derivative contracts and the total cost of the transaction. just over 2.291 million euros. According to informed sources, the actual purchase of shares amounts to 2.284 million euros, so the remaining seven million corresponds to the payment of taxes, royalties and other similar issues (about five million euros). The rest should become compensation to the subjects who participated in the operation.
Even before the purchase of shares was fully completed, but when Sepi already owned a sufficient percentage of the capital to request it, Telefónica’s board approved the appointment Carlos Ocaña – Own Director representing a government agency.