Spain State Holding Company Takes 3% Stake in Telefonica
By Adria Calatayud
Spain's state holding company SEPI built a stake of 3.04% in Spanish telecommunications company Telefonica.
The stake was disclosed in a regulatory filing published late Monday. Based on Telefonica's closing share price on Monday, the stake is valued at roughly 700 million euros ($758.7 million).
The Spanish government in December said it would buy, through SEPI, a stake of up to 10% in Telefonica, saying it is a strategic company for the country in telecommunications, security and defense.
The move came after Saudi Telecom in September said it had acquired 9.9% of Telefonica for EUR2.1 billion.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 26, 2024 02:56 ET (06:56 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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