Investing.com -- Shares in Naturgy fell over 2% on Wednesday after CVC Capital Partners sold its entire 13.8% stake in the Spanish energy company for approximately €3.07 billion through an overnight bookbuild managed by Goldman Sachs.
CVC’s investment vehicle Rioja Acquisition offered 107.5 million shares, representing 11.08% of Naturgy, through an accelerated bookbuilding process priced at €28.55 per share, a discount of 4.64%, according to the bookrunner.
CVC separately agreed to settle pre-existing derivative transactions with Goldman Sachs covering an additional 26.4 million shares, or 2.72% of the company.
Goldman Sachs, the sole bookrunner, said the placement was aimed at institutional investors and that the books were multiple times oversubscribed.
CVC first became a shareholder of Naturgy in 2018. Tuesday’s transaction marks its complete exit from the Spanish utility.
The sale follows BlackRock’s divestment of its remaining 11.4% stake in Naturgy for €2.79 billion in March.
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