Recasts with pricing, adds background, shareholder structure of Naturgy, recent divestment by BlackRock

By Jesús Aguado

May 26 (Reuters) - Private equity fund CVC Capital Partners on Tuesday sold its entire 13.8% stake in Spanish energy company Naturgy NTG.MC, worth around €4 billion ($4.65 billion) at current market prices, through Goldman Sachs, the U.S. bank said.

The divestment comes after BlackRock BLK.N sold its remaining 11.4% stake in Naturgy for 2.79 billion euros in March.

• CVC, which first became a shareholder of Naturgy in 2018, carried out a private placement on behalf of its investment vehicle Rioja Acquisition, offering 107.5 million shares in the energy company, or 11.08%, through an accelerated bookbuilding process.

• The per share price in the bookbuilding operation was set at 28.55 euros, a discount of 4.64%, according to a bookrunner. This would imply a price of €3.068 billion.

• CVC also agreed to settle certain pre-existing derivative transactions with Goldman Sachs to sell 26.4 million shares, around 2.72% of Naturgy.

• Goldman, the sole bookrunner, said the placement was aimed at institutional investors.

• The bookrunner said that the books had been times oversubscribed.

• The transaction will be settled simultaneously with the placement, the bookrunner said, adding that Naturgy will not receive any proceeds from the sale.

• Spanish holding company Criteria will remain the biggest shareholder in Naturgy with a 28.5%, followed by Australian IFM's 15.5% holding.

• Following the sale by CVC, Naturgy is expected to increase its free float.

($1 = 0.8601 euros)