The shares were sold at €25.20 each, representing a 5.8% discount to Naturgy’s previous closing price.

BlackRock became an indirect shareholder in Naturgy through its 2024 acquisition of Global Infrastructure Partners. The sale reduces its exposure to the Spanish energy group amid broader portfolio rebalancing.

Naturgy’s shareholder base remains dominated by long-term infrastructure and private equity investors. holds 15.5%, while controls 13.8%. owns 5%.

The €2.79bn placement highlights continued liquidity in European infrastructure-linked equities, even as energy markets face heightened geopolitical and commodity volatility.

You can read more on this from Private Equity Insights, here.