Spain: Saudi operator STC acquires a 9.9% stake in Telefónica by Alberto Brevers
The Saudi operator, STC, has acquired 9.9% of the shares of the Telefonica group, equivalent to about 2.1 billion euros.
STC Group, the main Saudi operator, has acquired a 9.9% stake in Telefónica for a total amount of 2.1 billion euros, as reported this Tuesday. The investment has been made through the acquisition of shares representing 4.9% of Telefónica's share capital and financial instruments that confer economic exposure on another 5% of Telefónica's share capital. STC Group will obtain the voting rights corresponding to that 5.0% through the physical settlement of the aforementioned financial instruments after obtaining the necessary regulatory authorizations.
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