DUBAI — The government in Spain is looking into the Saudi Arabian STC Group’s 9.9% acquisition of its telecom giant Telefonica, the country’s acting Economy Minister Nadia Calvino announced on Wednesday.
STC announced the purchase in the $2.1 billion telecom company in a Tuesday press release.
Calvino said that STC — which is 64% owned by the kingdom’s sovereign wealth fund — had contacted the Spanish government after the acquisition to notify it of the agreement. In comments to reporters while on a visit to Brussels, she called Telefonica a "strategic company" for Spain that the government will prioritize it as a strategic interest.