BlackRock has placed an 11.4% stake in Naturgy for €2.79bn, equivalent to approximately $3.07bn, in an accelerated bookbuild managed by JP Morgan and Goldman Sachs, Reuters reports.

As part of the placement, CriteriaCaixa acquired a 2.5% stake for €611m, or roughly $672m, increasing its total holding to 28.5% and reinforcing its position as the utility’s largest shareholder.

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. IFM Investors holds 15.5%, while CVC Capital Partners controls 13.8%. Corporación Financiera Alba owns 5%.

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

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