business
Saudi Telecom buys $2.25 Billion Stake in Spain’s Telefonica
The deal is likely to draw scrutiny from the Spanish government, which views Telefonica as a company of strategic importance
Saudi Telecom is taking a nearly 10 per cent stake in Spain’s Telefonica SA for roughly $2.25 billion as the struggling Madrid-based carrier prepares to lay out a new strategy for future growth.
The Saudi government-controlled company purchased about 569.3 million shares and is using financial instruments that will altogether hand it a 9.9 per cent interest in Telefonica once approved by regulators, according to a filing posted late Tuesday. The transaction was funded with ...
