The State Society of Industrial Participations (SEPI) becomes the majority shareholder
The State Society of Industrial Participations (SEPI), an entity dependent on the Ministry of Finance, has managed to acquire 10% of the share capital of Telefónica, thus becoming the main shareholder of one of the most important companies in the country. This acquisition has been carried out as part of the Government’s mandate and has been recently completed, as reported by SEPI in a statement.
Specifically, SEPI has acquired a total of 567,016,155 Telefónica shares, at an average price of 4.0295 euros per share. This represents a total amount of approximately 2,285 million euros. In addition, to these actions are added the 541 titles that SEPI already had in its portfolio, which brings the total number of participations to 567,016,696.
Telefónica, a key company in the telecommunications sector
Telefónica is one of the main companies in the country and a leader in the telecommunications sector. In addition, it plays a key role in other strategic areas. The company has industrial capabilities and areas of knowledge that are decisive for the economy and the productive fabric. This includes activities related to security and defense, among others.
SEPI has highlighted that the acquired shares are intended to be permanent and seek to provide long-term shareholder stability.
State presence on the board of directors
The board of directors of Telefónica has accepted the resignation of Carmen García de Andrés as a director and has appointed Carlos Ocaña Orbis as a director representing SEPI. With this appointment, the Spanish State has a presence on the company’s board of directors.
The Minister for Digital Transformation and Public Service, José Luis Escrivá, has left open the possibility that the Government could appoint a second advisor to represent the SEPI in the future.
Conclusions
The acquisition of 10% of Telefónica’s shares by SEPI represents an important milestone in the field of telecommunications in Spain. With this operation, the Spanish State becomes the main shareholder of one of the most relevant companies in the country. Furthermore, this acquisition seeks to provide long-term shareholder stability and strengthen the state presence on Telefónica’s board of directors.
