Sociedad Estatal de Participaciones Industriales

Last updated
Sociedad Estatal de Participaciones Industriales
SEPI
TypeState-owned public company
National wealth fund
Founded1995 (1995)
Headquarters,
Spain
Key people
Belén Gualda González (President) [1]
RevenueIncrease2.svg €5.157 billion (2021) [2]
Increase2.svg 159 million (2021) [2]
Total assets Decrease2.svg €12.066 billion (2021) [2]
Owner Government of Spain
Number of employees
Increase2.svg 75,397 (2021) [2]
Subsidiaries See SEPI Group
Website sepi.es

Sociedad Estatal de Participaciones Industriales (SEPI) is a Spanish state holding company that is characterized as a Sovereign wealth fund. It is controlled by the Ministry of the Treasury.

Contents

SEPI was preceded by the Instituto Nacional de Industria (INI) and the Instituto Nacional de Hidrocarburos (INH). On June 16, 1995, SEPI was created in a provisional restructure which was authorized by Decree number 5/1995. On January 10, 1996, SEPI was ratified by Act of Parliament number 5/1999. [3] This provided for the creation of various public legal entities and the abolition of the INI and the INH.

SEPI Group

SEPI has a direct and majority participation in nineteen companies, which make up the Grupo SEPI (SEPI Group). Its employees number around 80,000 workers. It also has interest in the Corporación Radiotelevisión Española (RTVE). SEPI also has minority direct shareholdings in seven companies, and indirect shareholdings in more than 100 companies.

The SEPI Group has four divisions. These are the energy, defence, food and environment and communications industry investment divisions.

The energy division includes ENSA, a nuclear power operator; the ENUSA group, a nuclear fuel producer; the HUNOSA  [ es ] group, a coal mining entity; and the SEPIDES group for energy consulting. SEPI also has minority shareholdings in ENAGÁS, the Spanish national gas supplier; ENRESA  [ es ], a nuclear residue processor (SEPI 20 percent and CIEMAT  [ es ] eighty percent); and the Red Eléctrica de España (REE) corporation, the national electricity supplier.

The defence division includes DEFEX for defence equipment exports and security consulting; and the Navantia Group for military and civil construction. SEPI holds minority shareholdings in EADS Aircraft NV and HISPASAT satellite communications.

The food and environment division includes Cetarsa tobacco; the Hipódromo de la Zarzuela royal horse racing; Mayasa consulting and project management; the Mercas group for wholesale markets; SAECA food sector investments; the TRAGSA Group for rural and agricultural development; and the Alimentos y Aceites, a producer of fine foods and olive oil. Alimentos y Aceites has shares in Ebro Foods which produces and sells rice and pasta sauces.

The communication industry division included the Agencia EFE, a news entity; the RTVE corporation, the state broadcaster; the Ente Publico RTVE; a public information service promoting citizen participation; and the Correos Group, the national postal service.

The SEPI Group has overview of the social trust fund, Fundacion SEPI which arranges internships, student loans, and grants for technical training and business development activities.

The SEPI group holds indirect shares in more than one hundred commercial enterprises and retains some minority shareholdings in the International Airlines Group (IAG, formerly Iberia/BA) and España, Expansión Exterior (a Spanish exports development company with consulting, finance and technical assistance activities within foreign markets).

In December 2023, SEPI announced plans to acquire a 10% stake in Telefónica worth $2.2 billion. [4]

SEPI privatisation activity

List of publicly owned assets disposed up to March 2015. [5]

List of SEPI privatisations
Company Type of operationDateGoverning parties
Aceralia IPO Direct competitive sale28/07/1997 Conservative
AENA IPO Direct competitive sale of 49% of shares19/02/2015 Conservative
Aerolíneas Argentinas Direct competitive sale02/10/2001 Conservative
Aldeasa Institutional takeover (SEPPA), Specific agreement24/07/1997 Conservative
Almagrera Direct competitive sale11/10/1996 Conservative
Altadis (Tabacalera)IPA Bought deal 03/03/1998 Conservative
Argentaria IPO19/12/1997 Conservative
Astander Direct competitive sale21/10/1999 Conservative
Auxini Management buyout 01/02/1996 Conservative
Casa Integration into European group26/11/1999 Conservative
Clinisas Direct competitive sale30/09/2005 Progressive
Comee Public auction 10/07/1998 Conservative
Conversión Aluminio Direct competitive sale16/02/2001 Conservative
Coosur Direct competitive sale24/05/2002 Conservative
CopeManagement buyout10/04/2000 Conservative
E.N. Elcano Direct competitive sale11/07/1997 Conservative
Enagas Direct sale21/03/1997 Conservative
Enatcar Direct competitive sale29/07/1999 Conservative
ENCE direct competitive tender for Institutional takeover 15/06/2001 Conservative
Endesa OPV, OPV, OPA02/07/1997 Conservative
Expasa Public auction of real estate05/11/2001 Conservative
Ferroperfil Direct competitive sale24/07/1997 Conservative
Gas Natural Institutional takeover 27/09/1996 Conservative
Grupo BBE Direct competitive sale04/02/2000 Conservative
Grupo ENA Direct competitive sale28/05/2003 Conservative
Grupo UPO Potasas Direct competitive sale28/07/1998 Conservative
Hijos de J. Barreras Direct competitive sale28/07/1997 Conservative
Iberia Alianza Industrial, institutional IPO02/07/1997 Conservative
Icsa/Aya Direct competitive sale26/02/1999 Conservative
Indra Sistemas Alianza industrial IPO13/05/1998 Conservative
Inespal Direct competitive sale24/07/1997 Conservative
Infoleasing Direct competitive sale12/09/1997 Conservative
Inima Direct competitive sale03/04/1998 Conservative
Inisas Direct competitive sale30/09/2005 Progressive
Initec Direct competitive sale23/04/1999 Conservative
Iongraf Direct sale13/12/1996 Conservative
Ionmed Esterilización Direct competitive sale27/07/2007 Progressive
Izar Share sales at Gijón Sestao, Sevilla18/07/2006 Progressive
LM composites Management buyout14/05/1999 Conservative
Musini Musini S.A. - direct competitive tender - Musini Vida - Direct competitive sale27/06/2003 Conservative
Olcesa Direct competitive sale24/05/2002 Conservative
Productos Tubulares Execution of prior accord28/09/1998 Conservative
Química del estroncio Direct competitive sale23/07/2002 Conservative
Red Eléctrica IPA, B Bought Deal23/04/1999 Conservative
REPSOL IPA30/01/1997 Conservative
Santa Bárbara Direct competitive sale12/04/2000 Conservative
Sefanitro IPA05/12/1996 Conservative
Sodical Direct competitive sale20/12/1996 Conservative
Surgiclinic Direct competitive sale17/01/1997 Conservative
Telefónica IPA10/01/1997 Conservative
Telefónica Internacional S.A. (TISA)Direct competitive sale05/09/1997 Conservative
Trasmediterránea Adjudicated IPA30/07/2002 Conservative
Turbo2000 Direct competitive sale12/12/2003 Conservative
Weser Engineering Direct competitive sale28/04/2006 Progressive

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References

  1. Núñez, Emilia (31 March 2021). "Mujer del día: Belén Gualda, presidenta de SEPI". forbes.es .
  2. 1 2 3 4 "Annual Report 2021" (PDF) (in Spanish). SEPI. Retrieved 30 April 2023.
  3. "About Us". SEPI Website. Retrieved 30 August 2023.
  4. "Spain Orders State Company Sepi to Buy Up to 10% of Telefonica". Bloomberg.com. 2023-12-19. Retrieved 2023-12-19.
  5. SEPI