Saudi Telecom Company (SASE:7010) acquired a 9.9% stake in Telefónica, S.A. (BME : TEF) for SAR 8.5 billion on September 5, 2023. The investment has been conducted, according to STC Group, through the acquisition of shares representing 4.9% of the share capital of Telefónica and through financial instruments that provides an economic exposure over other 5% of the share capital of the Company. Kelvin Ross of Morgan Stanley acted as financial advisor to Saudi Telecom.

Saudi Telecom Company (SASE:7010) completed the acquisition of a 9.9% stake in Telefónica, S.A. (BME : TEF) on September 5, 2023. The Spanish government confirmed that it intends to analyse the acquisition of a 9.9% stake in Telefonica by STC.