BlackRock’s Global Infrastructure Partners (GIP) sold 69 million shares of Spanish gas utility Natur Gy, representing a 7.1% ownership stake, for a total of €1.7 billion. The accelerated bookbuild, coordinated by JP Morgan, closed at €24.75 per share, a 5.4% discount to Natur Gy’s closing price the day before the sale.
Prior to the sale, GIP—acquired by BlackRock in October 2024—held a 20% stake in Natur Gy. After the transaction, BlackRock will retain an 11.42% position, making it the company’s fourth‑largest shareholder. The sale reduces BlackRock’s exposure while freeing capital for other infrastructure investments under the GIP umbrella.
Natur Gy has posted record earnings in recent years, reporting net profits of roughly €2 billion annually and a first‑half 2025 net profit of €1.147 billion with EBITDA of €2.848 billion. The strong financial performance made the asset attractive for monetization, and the discount price reflects BlackRock’s willingness to accelerate liquidity and rebalance its portfolio after the GIP acquisition.
The 5.4% discount to market price triggered a sharp market reaction, with Natur Gy’s shares falling over 5% on the day following the announcement. Investors interpreted the discounted sale as a signal that BlackRock was prioritizing capital deployment elsewhere, despite Natur Gy’s robust earnings and liquidity‑enhancing objectives.
Strategically, BlackRock is using the proceeds to support its broader infrastructure portfolio, including recent investments in Aditya Birla Renewables in India and Western Australian Iron Ore. The divestment aligns with a rebalancing strategy that seeks to optimize risk‑adjusted returns across GIP’s holdings while maintaining a meaningful, but reduced, stake in a high‑performing utility.
The sale will increase Natur Gy’s free float to above 25%, improving liquidity and potentially broadening its investor base. The shift in shareholder composition also elevates the relative influence of other major investors such as CriteriaCaixa, CVC, and IFM, while BlackRock’s reduced stake may lessen its direct influence on corporate governance decisions.
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