CVC-controlled vehicle starts bookbuilding to sell 13.8% Naturgy stake

Goldman Sachs

Goldman Sachs

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By Marta Serafinko

May 26 (Reuters) - Private equity CVC Capital Partners' majority-controlled vehicle Rioja Acquisition has launched an accelerated bookbuilding process as part of a sale of its entire 13.8% stake in Spanish gas and power utility Naturgy NTGY.MC, Goldman Sachs said on Tuesday.

  • The total stake is worth about 4.01 billion euros ($4.66 billion) based on Naturgy's closing price of 29.94 euros on May 26.

  • The placement covers 107.5 million ordinary shares, representing about 11.08% of Naturgy's share capital.

  • Rioja Acquisition has also settled pre-existing derivative transactions, disposing of 26.4 million shares.

  • The placement and derivative transactions cover about 13.8% of Naturgy's share capital.

  • Naturgy will not receive any proceeds from the placement.

  • Goldman Sachs acts as both sole bookrunner for the placement and hedge counterparty in the derivative settlement.

($1 = 0.8603 euros)


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