Spanish gov’t to acquire 10% stake in Telefónica

The Spanish government is set to acquire a 10 percent stake in Telefónica. This comes a few months after Saudi Arabian telecoms company STC Group paid $2.25 billion to acquire a 9.9 percent stake in Telefónica which made it $2.25 billion to take a 9.9 percent stake in Telefónica’s biggest shareholder at the time.

Now, the Spanish government has surpassed TMC, becoming the majority stakeholder in the company with an acquisition made through the state-holding company SEPI. "The presence of a key public shareholder will reinforce the company's ownership stability," the Budget Ministry said in a statement on Tuesday.

SEPI said that its acquisition will provide the telco with a "greater shareholding stability for the company to reach its objectives and, therefore, it will contribute to safeguarding its strategic capabilities."