STC becomes biggest shareholder in Telefónica with 9.9% stake

Saudi Telecom Company has decided to spend €2.1 billion to grab a tenth of the shares of Spanish telecoms group Telefónica.
The STC filing states the move was funded by a mixture of STC’s own resources and debt. STC is majority owned by Saudi Arabia’s Public Investment Fund, so access to cash or credit is unlikely to be much of a problem. The 9.9% share, half of which is being acquired through ‘financial instruments’, will give STC more than twice the voting r