The Treasury injected 500 million into Sepi for its entry into Telefónica

The Government’s share package in Telefónica has a value of almost 716 million euros.

The Ministry of Finance approved the injection of 500 million euros to the State Society of Industrial Participations ( Sepi ) to undertake the acquisition of Telefónica shares, according to a report from the General Intervention of the State Administration (IGAE).

Specifically, the February budget execution report (published on March 27) indicates that there was a capital contribution of 500 million euros to the public entity, an injection of liquidity that Treasury sources have confirmed was allocated to the acquisition. of Telefónica shares , of which the State already owns 3.044% through the SEPI.

However, Sepi would have parked another 2% more in financial derivatives, so, once it makes them effective, its weight in the telecom would rise to 5%, according to Europa Press , which also stressed that the Executive’s intention is that additional 2% deposited in a ‘swap’ will emerge “shortly.”

At the end of last year, the Government ordered Sepi to acquire up to 10% of the share capital of Telefónica in a movement that was marked by the surprising landing in the company of the Saudi operator STC, which last September took over the 9.9% of the company – 4.9% through direct shares and 5% with financial derivatives – for approximately 2.1 billion euros.

At the current market price, the Government’s share package in Telefónica has a value of almost 716 million euros , with the company’s price at 4,089 euros at the close of last Thursday (the Stock Market is closed this Monday).

At the same time, at the current market price, the acquisition of the other remaining 7% (until 10% is complete) would have a cost of approximately 1,646 million euros .

The Government’s decision not to present new General State Budgets for 2024 and to extend those of the previous year raised certain doubts about how the State was going to proceed to finance its entry into the Telefónica shareholding .

However, in mid-February the Government assured that the order transmitted to Sepi last December would be maintained despite this decision by the Executive.

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