The acquisition of a 9.9% stake in Telefónica by Saudi Telecom Company (STC) caused surprise in various sectors. Firstly, within Telefónica itself, where its executives were unaware of the move. It also surprised the Spanish government, which considers the operator to be a key company in the country's strategic framework. Spanish banks were also caught off guard, missing out on an operation that promises significant commission earnings. The list continues with the European telecommunications industry, specialized analysts, and even the securities regulator.