Emirates’ Taqa plans to buy majority stake in Naturgy

The Emirati group Taqa is discussing the acquisition of 41% of Naturgy, and is considering a public offer for the entire share capital.
Taqa achat parts Naturgy

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The UAE-based Taqa Group is in talks to buy the 41% stake held by investment funds CVC and GIP in Naturgy, Spain’s leading gas supplier. This major transaction, revealed on Wednesday, could lead Taqa to launch a takeover bid for all Naturgy shares, in accordance with Spanish stock market regulations.

Strategic discussions underway

Taqa also confirms discussions with Criteria Caixa, the investment holding company of La Caixa, which owns 26.7% of Naturgy and is the main shareholder. The talks include a possible cooperation pact, strengthening Criteria Caixa’s strategic position even in the event of a takeover by Taqa.

No agreement finalized at this stage

To date, no agreement has been reached between Taqa, the CVC and GIP funds, and Criteria Caixa. The outcome of these negotiations remains uncertain, although the implications for Naturgy could be significant, potentially altering the gas supplier’s ownership structure and investment strategy.

Naturgy’s financial performance

Despite a fluctuating energy market, Naturgy reported a 20% increase in net profit last year, reaching 1.99 billion euros. The company has also increased its investments, notably in green hydrogen.

Implications of the acquisition for the energy sector

An acquisition by Taqa could not only transform Naturgy but also impact the European energy market, by further integrating Taqa’s capital and resources into Naturgy’s sustainability initiatives, particularly in the green hydrogen sector.

The negotiations between Taqa and Naturgy’s main shareholders mark a potentially transformational moment for Spain’s energy market. If the agreement goes ahead, it could have a major impact on the dynamics of the European energy industry.

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