Spanish investment firm CriteriaCaixa has increased its stake in Telefónica to just over five percent.

Before the increase, CriteriaCaixa owned 2.7 percent of the telco, but has now increased its holding to 5.007 percent.

The company follows the Spanish government in increasing its stake in Telefónica, while in September the Saudi Telecom Company (STC) agreed to pay $2.25 billion for a 9.9 percent share of the telco.

CriteriaCaixa has been an investor in Telefónica since 1987, when it acquired 2.5 percent of its share capital. In 1996, the company upped its stake to five percent for the first time, before it was diluted to 3.6 percent in 2000 after Telefónica raised equity to finance its international expansion.

By 2004, it increased its stake to above five percent again, before it was diluted to 2.7 percent in the following years.

In March, the Spanish government acquired a three percent stake in the carrier, via state-holding company Sociedad Estatal de Participaciones Industriales (SEPI).

SEPI bought 175 million shares, worth around €698 million ($757m), with the government targeting an eventual 10 percent stake to stave off interest from STC.

The Saudi company has previously said it does not intend to “acquire control or a majority stake” in the Telefónica.