Saudi Telecom Takes 9.9% Stake in Spain's Telefonica
06 September 2023 - 7:58AM
Dow Jones News
By Adria Calatayud
Saudi Telecom Co. has taken a 9.9% stake in Telefonica, but
doesn't have an intention a to buy controlling interest in the
Spanish telecommunications group, the companies said late
Tuesday.
Telefonica said STC built its stake through a direct acquisition
of a 4.9% interest in the company and through financial instruments
that provide an exposure over a further 5% of its share
capital.
"Telefonica takes note of STC's friendly approach and its
support to the management team, Telefonica's strategy and ability
to create value," the Spanish company said.
STC separately said it doesn't have an intention to acquire
control or a majority stake in Telefonica.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
September 06, 2023 01:43 ET (05:43 GMT)
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