CVC Capital Partners has exited its position in Naturgy, selling its entire 13.8% stake in the Spanish energy group in a transaction valued at around €4bn, according to a report by Reuters.
The sale was executed through an accelerated bookbuild led by Goldman Sachs, acting on behalf of CVC’s investment vehicle Rioja Acquisition. The deal included the placement of 107.5 million Naturgy shares, representing 11.08% of the company, at €28.55 per share a 4.64% discount and implying proceeds of approximately €3.07bn.
CVC also agreed to settle existing derivative transactions with Goldman Sachs relating to a further 26.4 million shares, equivalent to around 2.72% of Naturgy’s share capital. The transaction follows the exit of BlackRock earlier this year, when the asset manager sold its remaining 11.4% holding in Naturgy for €2.79bn.
CVC first invested in Naturgy in 2018 and had been one of the company’s key shareholders alongside Spanish holding company Criteria and Australian infrastructure investor IFM. Following the exit, Criteria will remain Naturgy’s largest shareholder with a 28.5% stake, followed by IFM with 15.5%.
