CVC has begun to unwind its position in Naturgy by bringing to market the 13.8% it controls in the energy company. It will do so through a private placement of 11.08% of the capital and the settlement of another 2.72% linked to derivatives, thus replicating the move by BlackRock/GIP, which exited the company's capital last March.
In a statement sent to the National Securities Market Commission (CNMV), it is detailed that Goldman Sachs Bank Europe SE, as the placing agent, has launched a private placement on behalf of Rioja Acquisition – the vehicle through which CVC channels its investment in Spain's main gas company and third-largest electricity provider – of 107.47 million Naturgy shares. These shares, equivalent to that 11.08% of the share capital, have a value exceeding 3,217 million euros at current market prices and will be sold through an accelerated book-building process.
Naturgy shares concluded Tuesday's session at 29.94 euros, after advancing 0.74% on the day. CVC is thus taking advantage of a quotation at multi-year highs, after accumulating a rise of over 15% so far in 2026, to activate its exit from a company it entered in 2018.
The closing of the transaction, aimed exclusively at institutional investors, and its definitive terms – usually with a discount on the market price in this type of transaction – will likely be announced before the opening of tomorrow's trading session.
In parallel, CVC has agreed with Goldman Sachs Bank Europe SE on the settlement of certain existing derivative transactions, in which the entity acts as "hedge counterparty." This cancellation involves the delivery of another 26.381 million shares, representing an additional 2.72% of Naturgy's capital and amounting to approximately 789.85 million euros at the current price.
Both transactions will be settled simultaneously. Once completed, CVC will have divested the entire 13.8% it held in the energy company's capital.
"((TO BE EXPANDED))"