stc group announced the acquisition of a 9.9% stake in Telefonica SAtelecommunications companies present in Spain, Germany, England and Brazilfor the total amount €2.1 billion.

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With this acquisition, Telefónica will have a portfolio of new infrastructure assets and a cutting-edge technology platform, whereby Telefónica is developing capabilities in adjacent areas such as cognitive intelligenceThat edge computing and it IoT (Internet of Everything).

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Mohammed KA Al Faisal, Group Chairman stcstate: “Telefónica and stc Group have a lot in common, with visions of using technology to connect people and strategies to drive growth. This significant long-term investment from stc Group is a continuation of our growth strategy as we invest in critical technology sectors and digital infrastructure in promising markets around the world.“.

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Olayan Alwetaid, CEO stc Groupcommented: “Our investment in Telefónica demonstrates our belief in Telefónica’s leadership, strategy and ability to create value. As a long-term supporting shareholder, we are committed to strengthening our partnerships. We do not intend to acquire control or a majority interest, but see this as an attractive investment opportunity to take advantage of our strong balance sheet while maintaining our dividend policy.“.

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