BlackRock has sold a 7.1% stake in Naturgy for about $2bn, reducing its holding in the Spanish gas utility to 11.42% and widening the free float as private equity firm CVC considers its long-term options, Bloomberg reports. 

The stake was sold through an accelerated bookbuild managed by JPMorgan, with 68.8m shares placed at €24.75 each, a discount of around 5.4% to Naturgy’s previous closing price. Naturgy shares fell 5% in early trading following the announcement.

BlackRock inherited much of its position in Naturgy through its 2024 acquisition of Global Infrastructure Partners. After the sale, it becomes the company’s fourth-largest shareholder, behind Spanish holding company Criteria on nearly 24%, CVC on 18.6%, and Australian fund IFM on 15.2%.

Naturgy has delivered about €2bn in earnings in each of the past two years, supported by strong performance across its combined-cycle plants. Operating hours increased after an April grid outage, strengthening supply security and reducing the risk of broader disruptions.

The sale marks one of BlackRock’s largest recent disposals in the European energy sector and underscores shifting shareholder dynamics around one of Spain’s most strategically significant utilities.

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