The Government buys 10% of Telefónica, shielding the operator from the Saudi fund STC

Pedro Sánchez's Executive will convert the State Society of Industrial Participations (QUIET) in the largest shareholder of the telecommunications operator, whose capital he left 25 years ago

This Tuesday, the Council of Ministers approved this measure in order to counteract the acquisition of a similar stake by Saudi Arabia.

Telefónica is one of the main companies in the country, leader in the telecommunications sector and key in other strategic areas. The company is decisive due to its industrial capabilities and areas of knowledge, since it develops activities relevant to the economy and the productive fabric, including those related to security and defense.

The operators have a wide deployment of telecommunications infrastructure that guarantee connectivity and digital services to Spanish citizens and companies. It is also present in all technological areas of the Ministry of Defense and provides the telecommunications services and infrastructure of the Comprehensive Information Infrastructure for Defense in national territory and in military operations abroad, therefore, having a solid positioning in this sector.

The presence of a public shareholder in Telefónica will reinforce its shareholding stability and, consequently, to preserve strategic capabilities of essential importance for national interests, the Executive assures

This operation would balance share positions after the entry of STC Group into the company headed by José María Álvarez-Pallete, making the State the first shareholder of Telefónica ahead of STC and the stable core of Telefónica shareholders, which until now was led by BlackRock with 4.98%, followed by BBVA (4.84%), and CaixaBank (3.5%).

La reentrada del Gobierno en el capital de la compañía va en línea con los países de nuestro entorno. Alemania ostenta un 13,8% del capital de Deutsche Telekom; Francia, dispone de un 13,4% en Orange; o Italia, que ha adoptado en agosto de 2023 un acuerdo para incrementar hasta el 20% su participación en la compañía que agrupa los activos de telefonía fija de Telecom Italia.