SEPI completes purchase of 10% of Telefonica capital

SEPI completes purchase of 10% of Telefonica capitalE.P.

The State Society for Industrial Participation (SEPI) has completed execution from operation purchase of Telefonica shares by order Council of Ministers after acquiring 10% of the company’s capital for €2,284.8 million. In pursuance of the order of Mr. Council of MinistersOn December 19, SEPI acquired 567,016,155 million Telefónica shares at an average price of €4.0295 per share, the operator announced yesterday National Commission belonging Stock market (CNMV).

SEPI is considering demanding a second director at Telefónica as it has already reached a 10% stake.

SEPI reported that he Telefonica login has a “calling” constancy” and provides “greater shareholder stability

» the company to achieve its objectives and to help protect its strategic capabilities. These actions are added to others 541 What SEPI stored previously in portfoliowhat reached the target 567,016,696 shares.

SEPI, which is the main Telefonica shareholdercrossed the threshold 9% Telefonika company. Currently, economist Carlos Ocaña is Telefónica’s own director and Minister of Digital Transformation and Public functionLast Friday, José Luis Escriva did not rule out requesting another one. Telefónica has fifteen directors and the average percentage per director is 6.7% of capital.

Minimal impact on price

As explained in GEPI, the operation was carried out.”minimization He influence V price and compliance participation in communication significant, established in market rules where he works”

View of Telefonica headquarters

Telefónica is one of the country’s main companies and a leader in the communications sector. telecommunications and, as he notes, plays a key role in other strategic areas. SEPI considers the operator to be “determinative” of its industrial capabilities and areas of knowledge, as it develops activities “related to the economy and industrial structure, including those related to safety And protection”

Telefonika is waiting STC Group complete acquisition operator shares up to 9.9% bid. At the moment it is 4.5%. When the Saudi group announced its intention to reach 9.9% telephone, last September was expected to become the operator’s first shareholder. Now, even if STC reaches this percentage of 9.9%, SEPIwill continue being the main shareholder telephone.

Teleko

Last week the minister TransformationDigital and functions Public, Jose Luis Escrivà was asked at the event about opportunity what he State continue purchasing shares of telecommunications companies once has reached 10%, although the minister assured that “the government has given instructions SEPI how far he wants to go at Telefonica.

state organization He stressed that SEPI’s participation in Telefónica’s capital “had”vocation of permanence” and strives to provide “greater stability

shareholding” in a company to achieve its objectives while helping to “protect its strategic opportunities”