Sociedad Estatal de Participaciones Industriales

SEPI's head offices, in Madrid.

Sociedad Estatal de Participaciones Industriales (SEPI) is a Spanish state holding company that can be characterized as a National Wealth Fund controlled by the Spanish Treasury and Public Administration Ministry es:Ministerio de Hacienda y Administraciones Públicas, and reports directly to the Minister.

Formerly Instituto Nacional de Industria and the Instituto Nacional de Hidrocarburos fulfilled a similar role, but in 1995 SEPI was created initially as part of a provisional restructuring authorized by Decree 5/1995, on June 16, later ratified by an Act of Parliament 5/1999 on January 10, 1996, which provided for the creation of various public legal entities which also abolished both the INI and INH.

SEPI Group

SEPI has a direct and majority participation in 19 companies, which make up the Grupo SEPI, with a final workforce over 80,000 workers. It also has competences on the Corporación Radiotelevisión Española and on the Ente Público RTVE, which is attached to this state-owned enterprise, as well as on a controlled public foundation. Equally, it has minority direct shareholdings in 7 companies, and indirect shareholdings in more than 100 companies.

The SEPI Group is organized into 4 categories taking into account the activity and the functions which these companies carry out:

Energy industry investment division

SEPI also has minority shareholdings in the following companies: ENAGÁS (Spanish listed company operating national gas supply networks), ENRESA nuclear residue processing (SEPI 20% and CIEMAT 80%) and RED ELÉCTRICA CORPORACIÓN (Spanish listed company operating national electricity supply networks).

Defense industry investment division

SEPI also holds minority shareholdings in the following companies: EADS Aircraft NV and HISPASAT satellite communications.

Food and environment industries division

Communication industry investment division

It is also in charge of the overview of the social trust fund FUNDACIÓN SEPI which arranges internships, student loans, and grants for technical training and business development activities.

SEPI, as a state-owned company has indirect shareholdings in more than 100 commercial enterprises and still retains some minority shareholding in INTERNATIONAL AIRLINES GROUP (IAG formerly Spanair/BA) and ESPAÑA EXPANSIÓN EXTERIOR (Spanish exports development consulting, finance and technical assistance within foreign markets).

SEPI Privatisation Activity

List of publicly owned assets disposed up to March 2015.[1]

list of SEPI Privatisations
Company Type of operation Date Governing parties -
Aceralia IPO Direct competitive sale 28/07/1997 Conservative
AENA IPO Direct competitive sale of 49% of shares 19/02/2015 Conservative
Aerolíneas Argentinas Direct competitive sale 02/10/2001 Conservative
Aldeasa Institutional takeover (SEPPA), Specific agreement 24/07/1997 Conservative
Almagrera Direct competitive sale 11/10/1996 Conservative
Altadis (Tabacalera) IPA Bought deal 03/03/1998 Conservative
Argentaria IPO 19/12/1997 Conservative
Astander Direct competitive sale 21/10/1999 Conservative
Auxini Management buyout 01/02/1996 Conservative
Casa Integration into European group 26/11/1999 Conservative
Clinisas Direct competitive sale 30/09/2005 Progressive
Comee Public auction 10/07/1998 Conservative
Conversión Aluminio Direct competitive sale 16/02/2001 Conservative
Coosur Direct competitive sale 24/05/2002 Conservative
Cope Management buyout 10/04/2000 Conservative
E.N. Elcano Direct competitive sale 11/07/1997 Conservative
Enagas Direct sale 21/03/1997 Conservative
Enatcar Direct competitive sale 29/07/1999 Conservative
ENCE direct competitive tender for Institutional takeover 15/06/2001 Conservative
Endesa OPV,OPV,OPA 02/07/1997 Conservative
Expasa Public auction of real estate 05/11/2001 Conservative
Ferroperfil Direct competitive sale 24/07/1997 Conservative
Gas Natural Institutional takeover 27/09/1996 Conservative
Grupo BBE Direct competitive sale 04/02/2000 Conservative
Grupo ENA Direct competitive sale 28/05/2003 Conservative
Grupo UPO Potasas Direct competitive sale 28/07/1998 Conservative
Hijos de J. Barreras Direct competitive sale 28/07/1997 Conservative
Iberia Alianza Industrial, institutional IPO 02/07/1997 Conservative
Icsa/Aya Direct competitive sale 26/02/1999 Conservative
Indra Alianza industrial IPO 13/05/1998 Conservative
Inespal Direct competitive sale 24/07/1997 Conservative
Infoleasing Direct competitive sale 12/09/1997 Conservative
Inima Direct competitive sale 03/04/1998 Conservative
Inisas Direct competitive sale 30/09/2005 Progressive
Initec Direct competitive sale 23/04/1999 Conservative
Iongraf Direct sale 13/12/1996 Conservative
Ionmed Esterilización Direct competitive sale 27/07/2007 Progressive
Izar Share sales at Gijón Sestao,Sevilla 18/07/2006 Progressive
LM composites Management buyout 14/05/1999 Conservative
Musini Musini S.A. - direct competitive tender - Musini Vida - Direct competitive sale 27/06/2003 Conservative
Olcesa Direct competitive sale 24/05/2002 Conservative
Productos Tubulares Execution of prior accord 28/09/1998 Conservative
Química del estroncio Direct competitive sale 23/07/2002 Conservative
Red Eléctrica IPA,B Bought Deal 23/04/1999 Conservative
REPSOL IPA 30/01/1997 Conservative
Santa Bárbara Direct competitive sale 12/04/2000 Conservative
Sefanitro IPA 05/12/1996 Conservative
Sodical Direct competitive sale 20/12/1996 Conservative
Surgiclinic Direct competitive sale 17/01/1997 Conservative
Telefónica IPA 10/01/1997 Conservative
Telefónica Internacional S.A. (TISA) Direct competitive sale 05/09/1997 Conservative
Trasmediterránea Adjudicated IPA 30/07/2002 Conservative
Turbo2000 Direct competitive sale 12/12/2003 Conservative
Weser Engineering Direct competitive sale 28/04/2006 Progressive


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