Spain investigates Saudi Arabia’s 9.9% acquisition of Telefonica
Saudi Arabia’s STC Group announced a 9.9% purchase in the $2.1 billion telecom company, but the Spanish government must approve the plan.
![People visit the stand of Spanish company Telefonica at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 27, 2023. (Photo by Pau BARRENA / AFP) (Photo by PAU BARRENA/AFP via Getty Images)](/sites/default/files/styles/article_hero_medium/public/2023-09/GettyImages-1247535584.jpg?h=156889f4&itok=3wO7oGOo)
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.
🔴 Habla Nadia Calviño sobre la adquisición de un 9,9% de las acciones de Telefónica por una compañía Saudí: "Estamos analizando todos los factores".#EconomíaARV ▶️ https://t.co/Et0SZrKdKf pic.twitter.com/DhpMxDz0ux
— AlRojoVivo (@DebatAlRojoVivo) September 6, 2023