Telefónica successfully closes placement of its treasury stock
Today, Telefónica successfully closed the sale of all of its treasury stock, a 90,067,896 treasury share package, accounting for 1.979% of the company’s share capital. The operation –called “accelerated bookbuilding”- resulted in a price of 10.80 euros per share, amounting to a total of around 975 million euros and represents an increase in Telefónica’s equity of 31 million euros.
The aim of this decision is to respond to the interest shown in the market in recent weeks, as a result of the good performance of operations in the second half of 2012. At the same time, it will allow Telefonica to accelerate its deleveraging process and thereby, get closer to the target of reducing its net debt to less than €47,000 M in 2013.