Clifford Chance advises Corporación Financiera Alba on Naturgy investment

Clifford Chance has advised Corporación Financiera Alba on the reorganisation of its investment
structure in Rioja Investments (mainly owned by the CVC Funds) and on the renewal of its
shareholders’ agreement.

In the resulting structure, Corporación Financiera Alba will now hold a direct stake of 5.01% in the share capital of Naturgy, and Rioja Investments will maintain its stake of 13.80%. The new structure allows both partners greater flexibility without altering the governance or joint objectives of their investment in Naturgy.

The Clifford Chance team was led by counsel Miguel Barredo (pictured), from the Madrid office, with the support of associates Maria Vilar and Maria Rodrigo and consultant Javier Garcia de Enterría. In addition, senior counsel Roberto Grau collaborated on the tax aspects of the transaction while senior associate Octavio Canseco provided regulatory advice. Partner Katia Gauzès and senior associate Grégoire Colson of the Luxembourg office also provided support.