By Adria Calatayud

Spanish state holding company SEPI is exploring the possibility of buying a stake in Telefonica, according to a regulatory filing dated Monday.

The news comes after Saudi Telecom Co. said last month it had taken a 9.9% stake in the Spanish telecommunications company for 2.1 billion euros ($2.23 billion) through a direct acquisition of a 4.9% interest in the company and through financial instruments that provide an exposure of over a further 5% of its share capital.

STC's purchase drew attention from Spanish government officials, who said they would analyze the move.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

October 31, 2023 03:32 ET (07:32 GMT)

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