stc finalizes increase in Telefonica voting rights to 9.97%

Logo of Saudi Telecom Co. (stc)

Saudi telecom major stc completed today, Feb. 6, all necessary procedures to increase its voting rights in Spain-based Telefonica from 4.97% to 9.97%, according to a statement on Tadawul.

 

According to data available on Argaam, stc obtained, in November 2024, a foreign investment authorization from the Spanish Cabinet, allowing for the former’s raise in its voting rights in Telefonica from 4.97% to 9.97% and the right to appoint a board member in the company.

 

For more news and details on M&As

 

In September 2023, stc completed the acquisition of a 9.9% stake in Telefonica, in a deal valued at €2.1 billion (approximately SAR 8.5 billion).

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