STC: Calvino, whose ministry has oversight authority over all financial transactions, on Wednesday vowed to protect Spain s strategic interests but stressed the need to preserve the country s ability to attract foreign investment.
STC had spent months building its 2.1 billion-euro ($2.25 billion) stake, said the people, requesting anonymity because of the sensitivity of the matter. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure.
Saudi Arabia s STC Group buys 9 9% stake in Spanish telecom giant Telefonica adgully.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adgully.com Daily Mail and Mail on Sunday newspapers.