By Adria Calatayud

Spain's state holding company SEPI built a stake of 3.04% in Spanish telecommunications company Telefonica.

The stake was disclosed in a regulatory filing published late Monday. Based on Telefonica's closing share price on Monday, the stake is valued at roughly 700 million euros ($758.7 million).

The Spanish government in December said it would buy, through SEPI, a stake of up to 10% in Telefonica, saying it is a strategic company for the country in telecommunications, security and defense.

The move came after Saudi Telecom in September said it had acquired 9.9% of Telefonica for EUR2.1 billion.

Write to Adria Calatayud at

(END) Dow Jones Newswires

03-26-24 0256ET