The total value of the deal amounted to 8.5 billion riyals
Dubai – Al Arabiya.net
Posted on: September 06, 2023: 02:23 PM GST Last updated: September 06, 2023: 02:52 PM GST
The share of the Spanish telecommunications company, Telefónica, rose nearly 4% today, Wednesday, after the Saudi telecom group stc announced the acquisition of a stake in the Spanish company.
The stc group announced the acquisition of a 9.9% stake in Telefónica Group, one of the largest telecommunications companies in the world that operates in Spain, Germany and Britain in addition to Brazil, and enjoys a leading market share in each of them.
The total value of the deal amounted to 8.5 billion riyals, equivalent to 2.1 billion euros.
stc Group will become the largest shareholder in Telefónica, which has a wide presence in three of the largest European markets.
stc stated that this step reflects its confidence in Telefónica’s ability to continue growing, as it owns a portfolio of infrastructure assets and advanced technical platforms, including cognitive intelligence, peripheral computing, and the Internet of Things.
This step is in line with the investments made by the group in various telecommunication sectors inside and outside the Kingdom, the most recent of which was the acquisition of the towers of the United Group company in Bulgaria, Croatia and Slovenia, a subsidiary of stc Group.
2023-09-06 10:23:00
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