The US government has revealed previously unpublished data regarding the price paid to enter Telefónica by the Saudi group STC. According to a statement made to the SEC, the State Society of Industrial Participations (Sepi), which is a government agency, purchased 5% of Telefónica at around 3.92 euros per share, which is 4.5% more than what STC paid for the same package of shares. In total, Sepi invested approximately 1,135 million euros in this venture.
This revelation sparked speculation among investors as they wondered whether prices would rise with a new buyer (Sepi) entering the market. As a result, Telefónica’s shares rose above 4.1 euros per title in response to the news.
According to information provided to the SEC, Sepi acquired these shares under orders from the Spanish government to acquire up to 10% of Telefónica’s shares in order to promote stability and safeguard strategic interests. The Spanish Public Treasury financed these purchases through capital contributions.
Sepi also affirmed that Telefónica is crucial for Spain’s economy, productivity, research activities, security, defense and public interest. Interestingly enough, it was revealed that none of Spain’s government advisors hold any shares of Telefónica except for Israel Arroyo who holds 379 shares as Secretary of State for Economy.