CVC Sells 13.8% Stake in Spain's Naturgy for €4 Billion
CVC Sells 13.8% Stake in Naturgy
Private equity fund CVC Capital Partners sold its entire 13.8% stake in Spanish energy company Naturgy for approximately €4 billion through Goldman Sachs. The divestment follows BlackRock's sale of its 11.4% stake in March for €2.79 billion.
Sale Details
CVC, a shareholder since 2018, placed 107.5 million shares (11.08% of the company) via an accelerated bookbuilding process at €28.55 per share, a 4.64% discount. Additionally, CVC settled pre-existing derivative transactions with Goldman Sachs to sell 26.4 million shares.
Company Structure
After the sale, Criteria remains the largest shareholder with 28.5%, followed by Australia's IFM with 15.5%. Naturgy's free float is expected to increase following CVC's exit.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
BlackRock, Inc.
BlackRock previously sold its stake in Naturgy, but this sale does not directly affect BlackRock; it may only have an indirect impact as a similar transaction in the sector.
The sale by a major shareholder may put short-term pressure on the stock price, but increased free float could boost liquidity and institutional interest, positive in the long run.
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