The SEPI exceeds 6% in the capital of Telefónica and the State investment is already close to 1,400 million

MADRID, 26 Abr.

The SEPI exceeds 6% in the capital of Telefónica and the State investment is already close to 1,400 million


The State Company of Industrial Participations (SEPI) has informed this Friday to the National Securities Market Commission (CNMV) that it has already exceeded 6% in the share capital of Telefónica, specifically, up to 6.169%, so The State's investment in the operator is already close to 1,400 million euros.

"We hereby inform that in the course of the operation to acquire shares of the Telefónica company, which in execution of the agreement of the Council of Ministers of December 19, 2023, the SEPI is carrying out, this entity has exceeded the 24 April 2024 the threshold of 6% of the share capital of said company," says the statement sent to the CNMV.

However, according to the information that SEPI has provided to the United States Securities and Exchange Commission (SEC), the participation of the public entity dependent on the Ministry of Finance amounts to 6.169%, with a total of 354,750,278 shares.

Likewise, the information sent to the US regulator specifies that the average price that the State has paid for each Telefónica share is 3.9378 euros, so the Government's investment in the Spanish company is already close to 1,400 million euros (1,396 .93 million euros).

If the price of Telefónica at the close of trading this Thursday is taken into account, which ended at 4.15 euros, the State's shareholding package in the company has a market value of about 1,472 million euros, that is, about 75 million euros more than the amount disbursed so far.

"This information is communicated through this document voluntarily in order to avoid asymmetry in the information to be disseminated with respect to Telefónica in accordance with the regulations applicable in other jurisdictions and that resulting from Spanish regulations," adds the SEPI in its communicated to the CNMV.

In this way, SEPI continues to advance in the Government's mandate to acquire up to 10% of the operator chaired by José María Álvarez-Pallete, a movement that occurred in reaction to the surprising landing of the Saudi telecom STC in Telefónica last September .

Specifically, STC acquired 9.9% of Telefónica's share capital - 4.9% in direct shares and 5% in financial derivatives - in an operation valued at 2.1 billion euros.

In this sense, the Government has already expressed its intention to request a seat on the board of directors of Telefónica, although the 6.169% stake that they currently hold is not, in theory, sufficient for this, given that the threshold is located at 6.66%.

However, it should be noted that other shareholders with a smaller stake, such as CriteriaCaixa, have representation on the company's board of directors.

Before the move announced this Friday, SEPI held 5.034% of Telefónica's share capital, although on March 25 an initial stake of 3.044% emerged.