Pérez-Llorca advises CVC on Naturgy €4B stake sale
Pérez-Llorca has advised CVC on the disposal of its entire 13.8% stake in Naturgy for approximately €4 billion, marking the fund’s exit from the Spanish energy company after eight years as a shareholder. The transaction was carried out through an accelerated private placement of 107,470,037 ordinary shares, representing 11.08% of Naturgy’s share capital, managed by Goldman Sachs Bank Europe on behalf of CVC’s vehicle Rioja Acquisition.
The placement was executed on a day when Naturgy shares traded at €29.94, having appreciated substantially in recent months. The transaction was disclosed to Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), through a material fact filing by the energy company. The exit follows the earlier departure of GIP (BlackRock) from Naturgy’s shareholder register in March of this year.
Advisory team
The Pérez-Llorca team advising CVC was led by Corporate partners Pablo González Mosqueira, Álvaro Ramírez de Haro, and Ángel Martín, supported by Corporate of counsel Francisco León and Corporate associate Carlos Mercadal.
