Sebi bought just over 567 million shares in the Spanish company at an average price of 4.0295 euros ($4.38) per share, spending about 2.3 billion euros.
“This concludes the implementation of the procurement process ordered by the Cabinet,” Sebi said in a filing with the Securities Market Regulatory Authority.
Saudi Telecom Company acquired a 9.9 percent stake in Telefonica for 2.1 billion euros in September. Its stake consists of 4.9 percent of Telefonica shares and financial instruments that give it another five percent.
The government said Sebi’s entry was aimed at improving the stability of Telefonica’s shareholders and protecting its strategic capabilities as it is a defense services provider and a leading player in the telecom sector.
After the government reached a seven percent stake in the company on May 8, it requested a seat on Telefonica’s board of directors and proposed the name of Carlos Ocaña, a former official of the Ministry of Industry, to represent the government’s interests.
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