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Exclusive: United States Reveals Secret Pricing Data for Telefónica Shares – Sepi Pays Higher Price Than Saudi State Group STC

US Government Outspends Saudis by 50 Million on Telefónica Package

Exclusive: United States Reveals Secret Pricing Data for Telefónica Shares – Sepi Pays Higher Price Than Saudi State Group STC

In the United States, the government has released data that was previously kept secret in Spain regarding the price paid to enter Telefónica. The cost paid by Sepi, the State Society of Industrial Participations, exceeds by 4.5% that paid by Saudi state group STC for the same package of shares. According to a statement made to the SEC, Sepi purchased 5% of Telefónica at an average price of 3.92 euros per share, which is a 4.5% increase compared to STC’s average price of 3.75 euros per share. This amounts to nearly 50 million euros more and a total investment of 1,135 million euros of public money dedicated to this incursion.

Investment banks predicted that Sepi would pay a higher price than STC for buying up to 10% of Telefónica in order to counteract the Saudi entry without first tying up the operation. This caused expectations that prices would revalue as there was a new voracious buyer in the market taking interest in Telefónica’s shares.

Sepi acquired these shares at an average price of 3.9185 euros and financed them with capital contributions made by the Spanish Public Treasury. The investment arm of the government reveals that Telefónica is crucial for Spain’s economy, productivity, research activities, security, defense and public interest. They confirm that their advisors except for the Secretary of State for Economy do not have shares in Telefónica and its shareholding base and strategic capabilities are safeguarded through these investments made by Sepi

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