Spain’s Criteria has increased its stake in energy group Naturgy to nearly 26% after acquiring a 2% holding from BlackRock. The transaction was valued at around $568m, Reuters reports.

The purchase followed an accelerated bookbuild sale by BlackRock, which reduced its exposure after acquiring the stake through its takeover of Global Infrastructure Partners.

Criteria remains Naturgy’s largest shareholder. Private equity firm CVC holds 18.6%, while IFM Investors owns 15.2%.

The deal strengthens Criteria’s influence over the utility as Spain navigates energy transition and pricing pressures. Naturgy operates across gas and electricity distribution and generation.

BlackRock now ranks as Naturgy’s fourth-largest shareholder.

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