Riyadh: stc Group announced it has acquired a 9.9% interest in Telefónica S.A., one of the largest telecommunications companies in the world with significant presence in Spain, Germany, the UK, and Brazil, for a total consideration of SAR 8.5 billion (EUR 2.1 billion).
This acquisition represents another milestone in stc Group’s expansion and growth strategy, and reflects stc Group’s confidence in Telefónica’s sustainable growth and upside potential. Telefónica benefits from a unique portfolio of best-in-class infrastructure assets and cutting-edge technology platforms, where it is developing state-of-the-art capabilities in adjacent areas such as cognitive intelligence, edge computing and IoT (Internet of Things).
stc Group’s growth strategy has resulted in a number of investments in the Information, Communication and Technology sector inside Saudi Arabia and globally, the most recent being the acquisition by Tawal – a subsidiary of stc Group – of United Group’s telecommunications tower assets in Bulgaria, Croatia and Slovenia.
Olayan Alwetaid, CEO of stc Group, said the company does not intend to acquire control or a majority stake but rather see this as a compelling investment opportunity.
Also published on Medium.
