Saudi Arabian telecoms group STC is acquiring close to a 10 per cent stake in Spain’s Telefónica valued at €2.1bn, a move that marks the latest foray by state-owned Gulf telecoms companies into Europe.
STC, which is majority-owned by the Saudi sovereign wealth fund, said in a press release that it had acquired 4.9 per cent of Telefónica’s shares and was using other financial instruments that would lift its stake to 9.9 per cent if approved by regulators.
Telefónica is one of Spain’s biggest companies. STC’s plan would catapult it past CaixaBank and BBVA — two pillars of corporate Spain with large stakes in the group — to become its largest shareholder. But STC said it was not seeking a controlling stake.
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