Saudi Arabia’s STC acquires 9.9% of the global Telefonica

Saudi stc Group announced the acquisition of a 9.9% stake in Telefónica Group, one of the largest telecommunications companies in the world, which operates in Spain, Germany, Britain, and 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 acquires a platform specializing in the Internet of Things

This acquisition represents another step for the stc group within the framework of the group’s continuous expansion and growth strategy.

stc stated that this step reflects its confidence in Telefónica’s ability to continue to grow, as it owns a portfolio of infrastructure assets and advanced technical platforms, including cognitive intelligence, edge computing, and the Internet of Things.

This step is in line with the investments made by the group in various telecommunications sectors inside and outside the Kingdom, the most recent of which was the acquisition by Towal, a subsidiary of stc Group, of United Group’s towers in Bulgaria, Croatia and Slovenia.

Chairman of the Board of Directors of stc Group, Prince Mohammed bin Khalid Al-Abdullah Al-Faisal, said, “stc and Telefónica share a common vision and goals, as the two companies seek to employ advanced technologies to provide the best telecommunications services to users, in addition to adopting an effective strategy to accelerate and enhance growth, and this investment represents “In continuation of implementing our strategy of expansion and growth, through qualitative investment in various technology sectors and digital infrastructure in promising markets around the world.”

stc Group CEO, Olayan Al Wataid, said: “Our investment in Telefónica reflects the company’s potential, its ability to enhance shareholder value, and our confidence in the company’s strategy and management. We also confirm our commitment to strengthening cooperation between the two companies, with the aim of taking advantage of all opportunities.” Available based on our role as long-term shareholders.”

Al Watid added: “This deal represents a promising investment opportunity that allows us to make optimal use of our solid financial position, while continuing the approved dividend policy.”