CVC and Alba divide up their stakes in Naturgy: Advisors
The reorganisation of Naturgy’s shareholding structure continues. First, Blackrock sold 7.10% of its capital for €1.7 million, leaving its stake at 11.4%. Criteria increased its stake to 26%. At this time, CVC and Corporación Financiera Alba have agreed to reorganise their investment structure in Naturgy, which has led to the separation of Corporación Financiera Alba as a shareholder in the joint corporate structure.
As a result of this transaction, Corporación Financiera Alba now directly owns 5.01% of Naturgy’s capital and CVC owns 13.8%. In this regard, CVC and Corporación Financiera Alba have also agreed to terminate the existing shareholders’ agreement and sign a new shareholders’ agreement between them in relation to Naturgy.
Advisors
The Clifford Chance team that advised Corporación Financiera Alba was led by counsel Miguel Barredo, 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.
Pérez-Llorca advised CVC on the Spanish legal aspects of this transaction. The team consisted of Pablo González Mosqueira, Álvaro Ramírez de Haro, Ángel Martín and Carlos Mercadal (partners and M&A solicitors at Pérez-Llorca).
