By Adria Calatayud

 

Saudi Telecom Co. has taken a 9.9% stake in Telefonica, but doesn't have an intention a to buy controlling interest in the Spanish telecommunications group, the companies said late Tuesday.

Telefonica said STC built its stake through a direct acquisition of a 4.9% interest in the company and through financial instruments that provide an exposure over a further 5% of its share capital.

"Telefonica takes note of STC's friendly approach and its support to the management team, Telefonica's strategy and ability to create value," the Spanish company said.

STC separately said it doesn't have an intention to acquire control or a majority stake in Telefonica.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

September 06, 2023 01:43 ET (05:43 GMT)

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