Finance
Criteria lifts naturgy stake to 28.5% after buying 2.5% from BlackRock
Published by Global Banking & Finance Review®
Posted on March 3, 2026
1 min readLast updated: March 3, 2026
Quick Summary
CriteriaCaixa, Spain’s largest shareholder in Naturgy, has bought an additional 2.5% stake from GIP‑BlackRock for €611 million, increasing its holding to 28.5%, following an accelerated placement of 11.4% by BlackRock.
Criteria Increases Naturgy Stake to 28.5% With €611M BlackRock Acquisition
Details of Criteria's Increased Stake in Naturgy
Acquisition Overview
MADRID, March 3 (Reuters) - Spain's Criteria has bought a 2.5% stake in energy firm Naturgy for 611 million euros, lifting its holding to 28.5%, the Spanish holding company said on Tuesday.
Transaction Process
Accelerated Bookbuild Placement
The Spanish company, which remains the largest shareholder in Naturgy, snapped up this stake after partially taking part in an accelerated bookbuild placement of a 11.4% stake in Naturgy on Monday.
Sale Management and Pricing
The sale was managed by JP Morgan and Goldman on behalf of BlackRock for 2.79 billion euros, or 25.20 euros per share, a 5.8% discount to Monday's closing price of Naturgy.
Background and Shareholder Structure
BlackRock's Entry via GIP Acquisition
BlackRock became a shareholder in Naturgy through its 2024 acquisition of Global Infrastructure Partners (GIP), which had previously invested in the utility.
Other Major Shareholders
IFM, CVC, and Alba Holdings
Among significant shareholders, Australian fund IFM has a 15.5% stake in Naturgy while private equity company CVC holds 13.8%. Holding company Alba has a 5% stake.
(Reporting by Jesús Aguado; editing by Pietro Lombardi)
Key Takeaways
- •CriteriaCaixa now owns 28.5% of Naturgy after purchasing 2.5% for €611 m from GIP‑BlackRock, reinforcing its position as the largest shareholder (cincodias.elpais.com)
- •The stake was acquired during BlackRock’s accelerated bookbuild sale of 11.4% of Naturgy stock, executed at €25.20 per share, a ~5.6% discount to the prior close (cincodias.elpais.com)
- •BlackRock has fully exited its stake in Naturgy after this placement, prompting a reshuffle among major shareholders including IFM (15.2%), CVC (13.8%), Alba (5%), and Sonatrach (4.1%) (cincodias.elpais.com)
References
Frequently Asked Questions about Criteria lifts Naturgy stake to 28.5% after buying 2.5% from BlackRock
1How much did Criteria pay for the 2.5% stake in Naturgy?
Criteria paid 611 million euros to acquire a 2.5% stake in Naturgy.
2What is Criteria's total stake in Naturgy after the transaction?
Criteria's total stake in Naturgy rose to 28.5% after this purchase.
3Who managed the stake sale for BlackRock?
The sale was managed by JP Morgan and Goldman on behalf of BlackRock.
4Which other major shareholders hold significant stakes in Naturgy?
Major shareholders include IFM (15.5%), CVC (13.8%), and Alba (5%).
5How did BlackRock become a Naturgy shareholder?
BlackRock acquired a stake in Naturgy through its 2024 acquisition of Global Infrastructure Partners (GIP).
