stc finalizes increase in Telefonica voting rights to 9.97%

04:42 PM (Mecca time) Argaam
Logo ofSaudi Telecom Co. (stc)

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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