BlackRock completed the sale of 68,825,911 shares in Spanish energy company Naturgy for a total of approximately €1.7bn ($1.99bn), according to a statement released after the transaction. The placement, conducted through an accelerated bookbuild process by JPMorgan, was executed at a price of €24.75 per share, representing a 5.4% discount compared to the previous day’s closing price of €26.16.
This sale lowers BlackRock’s stake from 18.5% to 11.42%, making the American asset manager Naturgy’s fourth-largest shareholder. The three leading shareholders now include Spanish holding company Criteria (nearly 24%), private equity firm CVC (18.6%), and Australian fund IFM Investors (15.2%).
A strategic divestment following indirect acquisition
BlackRock’s presence in Naturgy’s capital stems from its 2024 acquisition of Global Infrastructure Partners (GIP), a previous investor in the utility. The sale comes amid a global rebalancing of infrastructure portfolios, as asset managers adjust their exposure to European energy markets.
The placement is expected to contribute to Naturgy’s goal of increasing its free float to around 25%. An expanded free float could enhance the stock’s liquidity in financial markets and attract new institutional investors.
Operational strength amid capital restructuring
Naturgy has posted solid financial results, with annual profits of around €2bn over the past two years. The company benefited from increased output at its combined-cycle power plants, which have been in higher operation since a major grid outage on April 28. This boost in production helped reinforce supply security and prevent widespread blackouts.
Naturgy’s strategic role in natural gas and electricity continues to be central in the Spanish market. The restructuring of its shareholder base occurs in a context of ongoing transformation in the European energy landscape, marked by a search for long-term stability amid increasing price and supply volatility.
