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MADRID, 6 Sep. (EUROPA PRESS) -
Telefónica's shares moderated their rise to 1.23% at mid-session, around 12:30 p.m., after the Saudi operator STC announced yesterday, after the market closed, the acquisition of a 9.9% stake in the operator Spanish for 2,100 million euros, with which it becomes its first shareholder.
Specifically, the shares of Telefónica woke up this Wednesday with a rise of 2.5%, up to 3.845 euros per share, and later increased their advance to 3%, although, after a few hours after the opening, they moderated their advance to 1.23%, until exchanging at a price of 3.797 euros.
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.
From the Saudi company they have 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 while maintaining our attractive dividend policy," they pointed out.
In addition, as they have highlighted, this acquisition represents "another important milestone" in its expansion and growth strategy, and reflects confidence in Telefónica's sustainable growth and upward potential.
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.
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."
