CVC Capital Partners has sold its complete 13.8% stake in Naturgy, a Spanish energy company, in a deal valued at around €4bn ($4.65bn), reported Reuters.
The transaction was executed through Goldman Sachs via an accelerated bookbuilding process. The sale reflects the latest move in shareholder changes within the utility sector.
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In March 2026, US investment firm BlackRock divested its remaining 11.4% stake in Naturgy for €2.79bn, with the sale managed by J.P. Morgan and Goldman Sachs.
This series of transactions comes after BlackRock’s acquisition of Global Infrastructure Partners in 2024, which previously held a Naturgy stake.
CVC, which first invested in Naturgy in 2018, conducted this sale through its investment vehicle, Rioja Acquisition. The offering included 107.5 million shares or 11.08% of the company’s total shares.
The bookbuilding process set the share price at €28.55 each, representing a 4.64% discount, indicating a total worth of €3.06bn.
In addition to the primary sale, CVC agreed to settle certain derivative transactions, involving 26.4 million shares, equivalent to about 2.72% of Naturgy.
The entire placement was targeted at institutional investors, and according to Goldman Sachs, the offer was highly oversubscribed. Naturgy will not receive any proceeds from this transaction.
Despite CVC’s exit, Spanish holding company Criteria remains the largest shareholder in Naturgy, maintaining a 28.5% stake, while Australian firm IFM holds 15.5%.
The sale by CVC is expected to increase the free float of Naturgy shares, potentially influencing market dynamics.
Naturgy presently has an international generation capacity of 8GW, with 5.7GW located in Spain. The company’s strategic focus is primarily on expansion in Spain, Australia, and the US to capitalise on investment opportunities in generation within these regions.
