The State Society of Industrial Participations (Sepi) has announced plans to acquire a 10% stake in Telefónica, according to Pilar Alegra, the Government spokesperson. This news comes after Sepi revealed that it currently holds a 3% stake in the telecommunications operator.
However, Alegra’s statement had an unexpected effect on Telefónica’s shares, causing them to rise for the first time since May 2023. By 4:30 p.m., the shares had reached 4.08 euros, representing a 2.26% increase. This rush to complete the operation could potentially increase the final cost by tens of millions of euros, as Sepi will need to disburse an additional 1,600 million euros to reach the 10% ownership stake.
The initial estimated cost of this acquisition was around 2.1 billion euros. However, with Sepi already holding a valuable 3% stake worth over 700 million euros at market price and needing to invest an additional 1,600 million euros to reach a 10% ownership stake, this development could have significant financial implications for the government compared to the initial estimates.
All stakeholders must closely monitor this situation and its potential impact on the telecommunications industry and the government’s budget.
