Telefónica shares moderated their rise to 1.23% at mid-session, around 12:30 p.m., after the Saudi operator STC announced yesterday, after the market closed, the acquisition of a 9.9% stake in the operator Spanish company for 2.1 billion euros, making it its first shareholder.

Specifically, Telefónica shares woke up this Wednesday with a rise of 2.5%, to 3.845 euros per share, and subsequently extended their advance to 3%, although, a few hours after opening, they moderated their advance to 1.23%, until exchanged at a price of 3.797 euros.

The purchase by STC of this stake in the Spanish group has been carried out through the acquisition of shares representing 4.9% of Telefónica’s share capital and financial instruments that confer economic exposure on another 5% of Telefónica’s share capital. .

STC Group will obtain the voting rights corresponding to that 5% through the physical liquidation of the aforementioned financial instruments after obtaining the necessary regulatory authorizations.

The Saudi company has clarified that they have no intention of acquiring control or a majority stake in Telefónica. “This is a great investment opportunity that allows us to use our solid balance sheet and at the same time maintain our attractive dividend policy,” they noted.

In addition, as they have highlighted, this acquisition represents “another important milestone” in its expansion and growth strategy, and reflects confidence in Telefónica’s sustainable growth and upward potential.

As part of its growth strategy, STC has made a series of investments in the information, communication and technology sector, both in Saudi Arabia and abroad, the most recent being the acquisition by its subsidiary Tawal of the assets of United Group telecommunications towers in Bulgaria, Croatia and Slovenia.

For its part, Telefónica has stated that it “takes note of the friendly approach” of STC to the group and “of its support for the management team, Telefónica’s strategy and its ability to create value”.