The Ibex 35 opened the day with a fall of 0.14%. The Spanish Stock Market thus responds to the purchase of 9.9% of Telefónica by Saudi Telecom, although the company is the value that rises the most on the Ibex, 1.87%. The foreign company has become the largest shareholder of the Spanish telecommunications company.
At the opening, the selective Spanish Ibex 35 subtracts 13.5 points, 0.14% and stands at 9,378.5 points, so that so far this year it has gained 13.91%.
The Ibex does not penalize Telefónica
The Stock Market has positively valued the purchase of a 9.9% stake in Telefónica, the company that rises the most on the Ibex, by the Saudi telecommunications company STC Group for 2.1 billion euros, making it the largest shareholder. of the Spanish operator, so that the value rises on the stock market by 1.87%, being the company that advances the most in the Spanish selective.
The purchase of Telefónica by STC
The purchase by STC of this stake in the Spanish group has been carried out 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% through the physical settlement of the aforementioned financial instruments after obtaining the necessary regulatory authorizations.
The Saudi company has clarified that they have no intention of acquiring control or a majority stake in Telefónica. “This is a great investment opportunity that allows us to use our solid balance sheet and at the same time maintain our attractive dividend policy,” they noted.
Furthermore, as they have highlighted, this acquisition represents “another important milestone” in its expansion and growth strategy, and reflects confidence in the sustainable growth and upward potential of Telefónica.
As part of its growth strategy, STC has made a series of investments in the information, communication and technology sector, both in Saudi Arabia and abroad, the most recent being the acquisition by its subsidiary Tawal of the assets of United Group telecommunications towers in Bulgaria, Croatia and Slovenia.
The president of STC Group, Mohammed KA Al Faisal, has commented that his company shares many similarities with Telefónica. “This important long-term investment by STC Group is aligned with our growth strategy, according to which we invest in sectors such as technology and digital infrastructure in markets that we consider promising around the world,” he said.
For its part, Telefónica has stated that it “takes note of STC’s friendly approach” to the group and “its support for the management team, Telefónica’s strategy and its ability to create value” after the main Saudi operator announced yesterday the acquisition of a 9.9% stake in the Spanish company for a total amount of 2.1 billion euros, with no intention of taking control of the operator.
Expansion will continue
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