The State Industrial Participation Company (SEPI) has recently announced its acquisition of a 3% stake in Telefónica, following the Government’s authorization to become a shareholder in the company. With this investment, SEPI aims to provide Telefónica with greater shareholder stability and contribute to safeguarding its strategic capabilities.
The stake consists of 175 million shares valued at approximately 700 million euros based on market prices, which have risen to 3.99 euros in recent weeks. With SEPI’s entry and CaixaBank’s reduction of 1% of its shares in the market, the State becomes the fourth largest shareholder in Telefónica.
Telefónica has highlighted its leading role in telecommunications and digital development as justification for the investment. In agreement, SEPI emphasized Telefónica’s strategic importance and industrial capabilities in areas such as security and defense.
The Council of Ministers authorized SEPI to purchase up to 10% of Telefónica in December, although there were initial doubts due to financial constraints. However, the operation gained momentum as Telefónica’s shares surged, and CaixaBank also reduced its stake in the company, aligning with its strategy to rotate its position in the company.
The reduction in CaixaBank’s participation diminishes the “Spanish core” in Telefónica, composed of BBVA and CaixaBank’s shares. The Government aims to strengthen this core by acquiring 10% of Telefónica through SEPI as part of a broader strategy involving financial restructuring and stake adjustments within the company.
