Saudi Telecom Company completed the acquisition of a 9.9% stake in Telefonica for $2.5bn.

Saudi Telecom Company, a Saudi Arabia-based Digital Company that offers telecommunications services, landline, mobile, Internet services, enterprise digital solutions, entertainment, fintech, and computer networks, completed the acquisition of a 9.9% stake in Telefonica, a Spanish multinational telecommunications company, for $2.25bn. This investment is in line with STC’s growth strategy to expand by acquiring stakes in value-added strategic assets in promising markets, along with benefiting from the return on these investments to support stc’s growth, expansion, and capital recycling efforts. In turn, these efforts will enhance stc’s ability to invest in new domains and maximize shareholder returns in a sustainable manner.