The US government has disclosed previously undisclosed data to the Spanish public regarding the price paid by the State Society of Industrial Participations (Sepi) to acquire a 5% stake in Telefónica. According to a statement made to the SEC, Sepi purchased the shares at an average price of 3.92 euros per share, which is 4.5% higher than the price paid by Saudi group STC for the same package of shares. In total, Sepi invested approximately 1,135 million euros of public money in this acquisition.
The news that Sepi had entered the market caused speculation that prices would rise due to a new buyer. As a result, Telefónica’s shares rose above 4.1 euros per title in response to the news. This increase in value was due to Sepi’s entry into the market and not because of any other factors that may have affected stock prices.
According to information provided to the SEC, Sepi acquired the shares as part of an order from the Spanish government to acquire up to 10% of Telefónica’s shares in order to promote stability and safeguard strategic interests. The Spanish Public Treasury financed these purchases with capital contributions, and Sepi affirms that it is crucial for Spain’s economy, productivity, research activities, security, defense and public interest. The Secretary of State for the Economy holds only 379 shares in Telefonica among all government advisors who do not hold any other shareholdings in Telefonica except for this one position held by him as part of his duties as secretary of state.
Overall, this investment by Sepi shows how important it is for governments and private entities alike to work together in order to ensure stability and maintain strategic interests within major companies like Telefónica.