Spain's market regulator nods to stc's acquisition of Telefonica stake: Report

Logo of Saudi telecom operator stc

National Securities Market Commission (CNMV) granted its non-objection for Saudi telecom operator stc’s purchase of a 9.9% stake in Spain-based Telefonica, Spanish newspaper El Pais reported.

The newspaper also said that Morgan Stanley, advisor on the deal from the buyer's side, accumulated a little less than 3% of Telefonica’s capital during an unspecified period of time and bought the remaining percentage of about 7% on the same day that stc notified CNMV of the purchase.

The transaction conforms with the European and Spanish regulations that ban any investor from accessing a 3% stake in a listed company without notifying the regulator, it noted Earlier this month, stc announced acquiring a 9.9% stake in Telefonica for SAR 8.5 billion (€2.1 billion), according to Argaam's data.

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