By Helena Smolak

Spain's state holding company, Sociedad Estatal de Participaciones Industriales, will acquire a stake of up to 10% in the country's largest telecom company, Telefonica.

SEPI said Tuesday that the move is aimed at providing Telefonica with greater shareholder stability. Spain's Council of Ministers ordered SEPI to carry out the acquisition.

Telefonica didn't immediately respond to a request for comment.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

December 19, 2023 12:43 ET (17:43 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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