Sociedad Estatal de Participaciones Industriales


Sociedad Estatal de Participaciones Industriales is a Spanish state holding company that is characterized as a Sovereign wealth fund. It is controlled by the Ministry of the Treasury.
SEPI was preceded by the Instituto Nacional de Industria and the Instituto Nacional de Hidrocarburos. 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. Its employees number around 80,000 workers. It also has interest in the Corporación Radiotelevisión Española. 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 group, a coal mining entity; and the SEPIDES group for energy consulting. SEPI also has minority shareholdings in ENAGÁS, the Spanish national gas supplier;, a nuclear residue processor ; and the Red Eléctrica de España 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 and España, Expansión Exterior.

SEPI privatisation activity

List of publicly owned assets disposed up to March 2015.
CompanyType of operationDateGoverning parties
AceraliaIPO Direct competitive sale28/07/1997Conservative
AENAIPO Direct competitive sale of 49% of shares19/02/2015Conservative
Aerolíneas ArgentinasDirect competitive sale02/10/2001Conservative
AldeasaInstitutional takeover, Specific agreement24/07/1997Conservative
AlmagreraDirect competitive sale11/10/1996Conservative
Altadis IPA Bought deal03/03/1998Conservative
ArgentariaIPO19/12/1997Conservative
AstanderDirect competitive sale21/10/1999Conservative
AuxiniManagement buyout01/02/1996Conservative
CasaIntegration into European group26/11/1999Conservative
ClinisasDirect competitive sale30/09/2005Progressive
ComeePublic auction10/07/1998Conservative
Conversión AluminioDirect competitive sale16/02/2001Conservative
CoosurDirect competitive sale24/05/2002Conservative
CopeManagement buyout10/04/2000Conservative
E.N. ElcanoDirect competitive sale11/07/1997Conservative
EnagasDirect sale21/03/1997Conservative
EnatcarDirect competitive sale29/07/1999Conservative
ENCEdirect competitive tender for Institutional takeover15/06/2001Conservative
EndesaOPV,OPV,OPA02/07/1997Conservative
ExpasaPublic auction of real estate05/11/2001Conservative
FerroperfilDirect competitive sale24/07/1997Conservative
Gas NaturalInstitutional takeover27/09/1996Conservative
Grupo BBEDirect competitive sale04/02/2000Conservative
Grupo ENADirect competitive sale28/05/2003Conservative
Grupo UPO PotasasDirect competitive sale28/07/1998Conservative
:es:Hijos de J. Barreras|Hijos de J. BarrerasDirect competitive sale28/07/1997Conservative
IberiaAlianza Industrial, institutional IPO02/07/1997Conservative
Icsa/AyaDirect competitive sale26/02/1999Conservative
IndraAlianza industrial IPO13/05/1998Conservative
InespalDirect competitive sale24/07/1997Conservative
InfoleasingDirect competitive sale12/09/1997Conservative
InimaDirect competitive sale03/04/1998Conservative
InisasDirect competitive sale30/09/2005Progressive
InitecDirect competitive sale23/04/1999Conservative
IongrafDirect sale13/12/1996Conservative
Ionmed EsterilizaciónDirect competitive sale27/07/2007Progressive
IzarShare sales at Gijón Sestao,Sevilla18/07/2006Progressive
LM compositesManagement buyout14/05/1999Conservative
MusiniMusini S.A. - direct competitive tender - Musini Vida - Direct competitive sale27/06/2003Conservative
OlcesaDirect competitive sale24/05/2002Conservative
Productos TubularesExecution of prior accord28/09/1998Conservative
Química del estroncioDirect competitive sale23/07/2002Conservative
Red EléctricaIPA,B Bought Deal23/04/1999Conservative
REPSOLIPA30/01/1997Conservative
Santa BárbaraDirect competitive sale12/04/2000Conservative
SefanitroIPA05/12/1996Conservative
SodicalDirect competitive sale20/12/1996Conservative
SurgiclinicDirect competitive sale17/01/1997Conservative
TelefónicaIPA10/01/1997Conservative
Telefónica Internacional S.A. Direct competitive sale05/09/1997Conservative
TrasmediterráneaAdjudicated IPA30/07/2002Conservative
Turbo2000Direct competitive sale12/12/2003Conservative
Weser EngineeringDirect competitive sale28/04/2006Progressive