Tuesday, July 5

Telefónica sells 7% of Prisa for 34 million

Telefónica announced this Thursday the sale of 7.076% of the shares of Prisa, the publishing company of El País or Cadena Ser, among other media. The operation has been carried out at 0.68 euro cents for each title, for which the telecommunications company will receive 34 million euros, as reported to the CNMV. The buyer has been the company Global Alconaba SL. After the agreement, Telefónica is left with less than 2% of the company’s capital.

Global Alconaba SL is a company that appeared in the Mercantile Registry last April and whose sole administrator and owner is Andrés Varela Entrecanales, cousin of the president of Acciona, José Manuel Entrecanales. In the past, Varela was a partner at Imagina, one of LaSexta’s largest shareholders before it was acquired by Atresmedia. The company is controlled by Varela together with Alberto Knapp and Daniel Romero Abreu. After the agreement, this company will be the fourth shareholder of the company, after the fund Amber Capital (29.8%), Vivendi (9.9%) and Rucandio (7.6%).

From his time at LaSexta and Imagina, Varela has been a partner of Miguel Contreras and Miguel Barroso. The first is the founder of Lacoproductora, a production company that has recently been acquired by the Prisa group for its audiovisual business. The second is currently a director of the company on behalf of Amber Capital. This fund maintains the presidency through Joseph Ourghoulian. Varela’s relationship with the company is not new, since his father, Manuel Varela Uña, was a director of the Prisa group for decades.

The practical departure of Telefónica from Prisa comes after very intense years in the capital of one of the main media conglomerates in Spain. Telefónica participated at the end of 2020 in the movements together with Amber Capital to replace the company’s president, Javier Monzón, backed by Banco Santander. Last year, the French Vivendi entered the capital of the group after leaving HSBC. The French group tried a takeover bid to reach 29.9% of the company, although it finally ended up ruling it out.