CVC Sells Entire 13.8 Percent Stake in Naturgy for 4B Euros
Private equity firm CVC Capital Partners has sold its entire 13.8% stake in Naturgy through an accelerated bookbuilding process and derivative settlements. The transaction follows a similar divestment by BlackRock in March and is expected to increase the Spanish energy company's free float.
CVC CAPITAL PARTNERS PLC sold its 13.8% stake in NATURGY ENERGY GROUP SA for approximately €4 billion. The exit follows a €2.79 billion divestment by BLACKROCK INC from the Spanish utility in March. This transaction increases Naturgy's free float and shifts the ownership structure of the largest gas firm in Spain.
CVC used its Rioja Acquisition vehicle to offer 107.5 million shares through an accelerated bookbuilding process. GOLDMAN SACHS GROUP INC acted as the sole bookrunner for the private placement aimed at institutional investors. The price was set at €28.55 per share, representing a 4.64% discount.
