The Spanish government will launch an investigation into Saudi Arabian telecom group STC’s purchase of a 9.9% stake in Spain’s telecom giant, Telefónica.
Nadia Calviño, Spain’s Vice-President and Finance Minister, made this announcement during a press briefing in Brussels.
The investigation will assess how this acquisition could impact Spain’s national security and defense. It will also scrutinize STC’s involvement in Telefónica’s capital, voting rights, and participation in decision-making bodies within the company.
Calviño highlighted the strategic importance of Telefónica to Spain and pledged that the government would take all necessary measures to safeguard the country’s strategic interests.
Calviño also emphasized the need to maintain Spain’s attractiveness for foreign investments, which is vital for economic growth and technological advancement.
Spain’s Vice-President and Labor Minister, Yolanda Díaz, stressed the importance of preserving decision-making processes in companies like Telefónica, especially concerning sensitive data.
STC’s CEO, Olayan Alwetaid, clarified that their intention is not to acquire control or a majority stake in Telefónica. The company informed the government of the acquisition’s amicable nature beforehand.