The Saudi company STC becomes the majority shareholder of Telefónica

Telefónica has a new first shareholder: the Saudi group STC, which has acquired a 9.9% stake in the Spanish telco for a total amount of 2.1 billion euros.

STC has considered this purchase as a “milestone” in his expansion and growth strategy. Among Telefónica's main attractions for the Saudi Arabian company, its "sustainable growth", its "upward potential" and its portfolio of infrastructure assets and technological platforms stand out.

Olayan Alwetaid, CEO of the STC group, has highlighted that the company does not plan to “acquire control or a majority interest” in Telefónica, but they have simply taken advantage of this “attractive investment opportunity” to use their solid “balance sheet”. The growth strategy of the Saudi group of companies in the information, communication and technology sector has also recently materialized in the acquisition by Tawal (subsidiary of STC) of the telecommunications tower assets of United Group in Bulgaria, Croatia and Slovenia.

Mohammed K. A. Al Faisal, president of STC, identifies common elements between his company and Telefónica, such as its “vision of using technology to connect people” or its “strategy to drive growth.” “This significant long-term investment by STC is a continuation of our growth strategy as we invest in vital technology and digital infrastructure sectors in promising markets around the world,” he added.

"Our investment in Telefónica demonstrates our confidence in Telefónica's leadership, its strategy and its ability to create value. As supportive long-term shareholders, we are committed to strengthening our partnership," he concludes. Alewites.