# Sociedad Estatal de Participaciones Industriales

The State Company for Industrial Investments (Spanish: Sociedad Estatal de Participaciones Industriales, SEPI) is a Spanish state-owned holding company that is characterized as a sovereign wealth fund. It is part of the Ministry of Finance.
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. 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 February 2022, SEPI received authorization to increase its stake in Indra Sistemas to up to 28%; it subsequently held a 25.2% stake.
In December 2023, SEPI announced plans to acquire a stake of up to 10% in Telefónica worth $2.2 billion. The operation was concluded in May 2024.

### Current investments

The SEPI Group is currently made up of 15 companies in which it has a majority and direct participation and another dozen of them in which it has a minority participation. Likewise, it participates indirectly in another hundred companies.

#### As majority shareholder

| Company | Sector | Investment |
| Agencia EFE | Communications | 100 % |
| Cetarsa | Environment & Agriculture | 79.18 % |
| Cofivacasa | Finance | 100 % |
| Correos | Mailing | 100 % |
| Ensa | Energy | 78.75 % |
| ENUSA | Energy | 60 % |
| Hipódromo de la Zarzuela | Entertainment & sports | 95.78 % |
| Hunosa | Mining | 100 % |
| Mayasa | Environment & Agriculture | 100 % |
| Mercasa | Food distribution | 51 % |
| Navantia | Shipbuilding, defence | 100 % |
| Saeca | Environment & Agriculture | 80 % |
| Sepides | Business promotion | 100 % |
| RTVE | Communications | 100 % |
| Tragsa | Environment & Agriculture | 51 % |

#### As minority shareholder

| Company | Sector | Investment |
| Airbus | Aerospace, defence | 4.1 % |
| Ebro Foods | Food industry | 10.36 % |
| Enagás | Energy | 5 % |
| ENRESA | Radioactive waste management | 20 % |
| EPICOM | Digital security | 40 % |
| Hispasat | Satellites, communications | 7.41 % |
| Indra Sistemas | TIC, telecoms, defence | 28 % |
| International Airlines Group | Aviation | 2.53 % |
| Red Eléctrica de España | Energy | 20 % |
| Telefónica | Telecommunications | 10 % |

## SEPI privatisation activity

List of publicly owned assets disposed up to March 2015.
List of SEPI privatisations :
| Company | Type of operation | End 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 Sistemas | 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 |