The purchase by Saudi Telecom Company (STC) of a 9.9% stake in the Spanish telecom company Telefonica yesterday is the latest example of Middle Eastern firms investing in European telecommunication companies. STC and Emirates Telecommunications Corporation (Etisalat) spent over five billion euros on four deals in Europe last year. Below are some recent transactions:
* **PPF Group**: In August, Etisalat agreed to pay 2.2 billion euros (2.4 billion dollars) upfront to acquire a controlling stake in the telecommunications assets of the Czech PPF Group in Bulgaria, Hungary, Serbia, and Slovakia.
* **Telefonica**: STC announced yesterday that it had acquired a 9.9% stake in Telefonica for 2.1 billion euros, making it the largest shareholder in the Spanish telecom group.
* **United Group**: Etisalat's subsidiary, Etisalat Telecommunication, raised 1.42 billion dollars in August from a sukuk issuance to finance the acquisition of the mobile telecommunications infrastructure unit of United Group in Bulgaria, Croatia, and Slovenia.
* **Vodafone**: Etisalat increased its stake in Vodafone to 14% in February and stated that its reasons for investment had not changed since May 2022 when it acquired a 9.8% stake to enhance and develop its international portfolio. CEO Hatem Dowidar told CNBC Arabia in August that the corporation aims to increase its stake to 20%.
