Telefónica, ACS and Santander to hold 47% stake in state‑backed AI factoryExecutive summary: Spain's Council of Ministers approved the formation of a joint venture to develop an AI factory, with the state owning 48% and private partners Telefónica, ACS and Santander collectively owning 47%. The partnership secures substantial private investment for AI infrastructure and aligns with national policy to boost high‑tech capabilities. The Spanish government, Telefónica, ACS, and Santander are the key actors. Formal signing of the joint venture, announcement of initial funding rounds, and possible regulatory review are expected in the coming weeks.The Spanish Cabinet has approved the creation of a joint venture that will build an artificial intelligence factory, with the state retaining a 48% stake. Telefónica, ACS and Santander together will own the remaining 47% through their shares in the new entity. The move is part of a broader strategy to strengthen Spain’s AI infrastructure and attract private investment. No immediate regulatory obstacles have been reported.Connected developmentsEuropean venture capital focus on AICaixaBank, BBVA y Santander dominan el 60% del crédito a grandes empresasArcelorMittal, ACS y Repsol vuelan más del 40% en 2026Javier Monzón sustituye a Ana Botín como presidente de la filial tecnológica de SantanderOpen the full case file on Beyond →
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