Overview
- Global Infrastructure Partners, owned by BlackRock, sold its remaining 11.4% in Naturgy (110,753,554 shares) at €25.20 per share for about €2.79 billion, as notified to the CNMV.
- J.P. Morgan and Goldman Sachs managed the accelerated placement directed to qualified investors as a secondary block sale, not a public offering.
- Together with December’s 7.1% placement at €24.75 per share for €1.703 billion, BlackRock/GIP has disposed of 18.5% of Naturgy for roughly €4.5 billion.
- CriteriaCaixa bought an additional 2.5% for €611 million, increasing its holding to 28.5% and reinforcing its position as the leading shareholder.
- Free float is reported to rise from about 23.3% to 34.7%, with near-term price pressure from the placement discount and expectations of board-seat rebalancing as other buyers were not disclosed.