The Minister for Digital Transformation and the Public Service, José Luis Escrivá, took advantage of his presence this Monday at the Mobile World Congress, held in Barcelona, to announce the creation of the State Society for Technological Transformation (SETT), a public company in which the Government intends to group its different technological assets.
The minister assured on social networks that his intention is to take the initiative to the next Council of Ministers, with the possibility that this firm will be the vehicle that in the future channels the announced investment of the Executive in Telefónica, through the State Participation Company. Industrials (SEPI).
Escrivá opened the door to this possibility by ensuring that “it makes sense to include it,” although he specified that it will be something that will be seen “over time.”
In fact, Ministry sources specified after the minister's statement that, initially, SEPI will be left out of that society.
The Government has authorized the purchase by the State Industrial Participation Company of up to 10% of Telefónica's capital, after almost six months ago the Saudi operator STC announced the acquisition of 9.9% of the Spanish operator for an amount of 2,100 million euros.
The market has been waiting for an official position regarding Telefónica's operation for a long time, and this has been the first indication of the Government's possible intentions.
Until now, the Ministry of Economy has not even revealed how it intends to finance the high cost of this participation.
Business sources initially assured that the Executive would have been more comfortable having to face the purchase of only 5% of the operator chaired by José María Álvarez Pallete.
However, STC's apparent refusal to give up the 5% of the firm that it holds via derivatives would have forced the Government to up the ante.
However, Telefónica is not the only strategic listed company in which the State has a stake.
He is the first shareholder of Indra, with 25% of the capital.
Aside from companies, the SETT will bring together already existing initiatives under its direction, such as the PERTE Chip, endowed with 12,000 million euros for semiconductors and microelectronics;
the NextTech fund, with 4,000 million to invest in companies with a high component of technological innovation, or the Audiovisual Hub fund, with 1,700 million for companies in this sector.
“This will allow it to have an initial investment capacity of almost 20,000 million focused on the main areas of cutting-edge technology,” the Ministry stated in a subsequent statement.
On the other hand, bringing together the funds in a state company allows the Executive to gain time for their actual execution.
The new State Society for Technological Transformation will be approved through urgent processing in order for it to come into operation within three months.
As Escrivá explained, the new company will be in charge of promoting and executing investments in strategic sectors linked to digital transformation, in particular telecommunications, semiconductors, digitalization or the audiovisual sector.
To do this, it will identify strategic sectors and projects, develop analytical and financial capabilities for investment in technologically innovative companies and evaluate the technological and economic-financial feasibility of the projects.
Furthermore, according to the Government, the SETT will support companies active in Spain, regardless of their size and ownership of capital, that commit to carrying out technological projects in the digital field and emerging sectors related to digitalization, through the concession of credits, the taking of shares or other minority participations representing the share capital or the granting of subsidies, among other forms of support.
The SETT will be in charge of promoting and executing investments in strategic sectors linked to digital transformation pic.twitter.com/NOL3447zAk
— Ministry for Digital Transformation (@mintradigital) February 26, 2024
Within the projects, it will integrate the current State Society of Microelectronics and Semiconductors (SEMyS) to give a boost to the Strategic Project for the Recovery and Economic Transformation of Microelectronics and Semiconductors (PERTE Chip) through the processes of participation and enhancement of the Spanish semiconductor industry in the different European and international programs, particularly in the field of design, skills development, pilot lines or manufacturing, especially the coordination of actions related to the Chips Act of the European Union.
At the same time, it will have a team specialized in investment operations, capitalizing and consolidating truly transformative projects in the technological field, and, in particular, in
venture capital
(specialized in projects with potential) aimed at promoting investment in startups
or
scaleups
.
(newly created or rapidly expanding companies) with a substantive component of technological innovation with high traction capacity for the rest of the economy.
The intention is to attract investors and technological knowledge in public-private collaboration to generate industrial capabilities in strategic sectors.
Regarding its operation, the new firm will act with financial and promotional measures related to the planned actions in the audiovisual sector, with the preferred objective of turning Spain into a pole of attraction for the industrial production of content and the improvement of the competitiveness of this entire cultural industry.
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