CVC exits Naturgy stake with €3.1bn share sale.
CVC Capital Partners has completely exited its investment in Naturgy in a transaction worth over €3bn, it was revealed on Wednesday, causing shares in the Spanish energy firm to fall in Madrid.
Source: Sharecast
In a regulatory filing, bookrunner Goldman Sachs revealed it had closed the placement of around 11.08% of Naturgy on behalf of Rioja Acquisition, a firm controlled by CVC.
The placement was priced at €28.55 a share, compared with Tuesday's closing price of €29.94. The total gross proceeds from the placement were €3.07bn, with the placement closing expected on Friday.
CVC also settled certain financial contracts, selling an additional 2.72% stake, fully exiting its entire 13.8% shareholding in the natural gas and electrical energy utilities company.
The move follows a 16% increase in the stock since the start of the year, as of Tuesday's closing price, and follows BlackRock's exit of its 11.4% shareholding at €25.20, which raised €2.79bn.
Naturgy shares were down 3.1% at €29.00 by 1356 BST.
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