GIP III Canary 1 S.à rl, a vehicle linked to BlackRock, carried out, this Thursday, the 11th, the accelerated sale of 68.8 million Naturgy shares, corresponding to 7.1% of the share capital.
The shares were placed at 24.75 euros each, for a total of close to 1.7 billion euros, representing a discount of around 5.3% compared to the close of the previous session.
After the operation, BlackRock continues to hold 110.7 million shares — around 11.4% of the capital — which, according to sources in the The Economistare subject to a 90-day lock-in period.
JP Morgan bank acted as exclusive global coordinator and notified the transaction to the Spanish National Securities Market Commission (CNMV).
The sale raises the free float of Naturgy to above 25%, paving the way for Criteria Caixa to consolidate its position as the main shareholder.
Market observers point out that the operation could reduce BlackRock’s influential role in energy, placing it in a more strictly financial role.