The State Industrial Participation Company (SEPI) has acquired a 3% stake in Telefónica, with the Government’s approval to enter the company’s capital. SEPI, a shareholder committed to remaining invested, aims to provide Telefónica with greater shareholder stability to help achieve its objectives and protect strategic capabilities. This stake consists of 175 million shares valued at approximately 700 million euros based on market prices.
The investment by SEPI as the fourth-largest shareholder in Telefónica highlights the company’s strategic importance. CaixaBank has reduced its stake in Telefónica to 2.5% by selling a portion of its shares, while the La Caixa Banking Foundation, through Criteria, has been increasing its position. Isidro Fain, vice president of the group’s Board of Directors, is expected to extend his long-standing relationship with the company.
The reduction in CaixaBank’s ownership weakens the so-called “Spanish core” in Telefónica, which includes BBVA and Catalan bank. The Government plans to strengthen this group by acquiring 10% of the company through SEPI. Despite uncertainty surrounding the operation due to budget constraints, growing investor interest in Telefónica is reflected in its increasing share price.
Telefónica views SEPI’s interest as a testament to its leadership and attractiveness in both telecommunications and new digital era. The Government sees this investment as a way to strengthen Telefónica’s position as a key player in Spain’s digital transformation agenda.
In conclusion, SEPI’s acquisition of a 3% stake in Telefónica is an important step for both companies and highlights their strategic importance. While there may be some uncertainty surrounding this investment due to budget constraints, it is clear that investors are increasingly interested in companies like Telefónica that are positioned for success in today’s rapidly changing digital landscape.