CVC and Corporación Financiera Alba Reorganise Their Stakes in Naturgy

Clifford Chance advised Corporación Financiera Alba and Pérez‑Llorca advised CVC on a transaction to reorganise their stakes in Spanish energy company Naturgy. The reorganisation of Naturgy’s shareholding structure continues. As background, BlackRock sold 7.10% of its capital for €1.7 million, reducing its stake to 11.4%, while Criteria increased its holding to 26%. In this context, CVC and Corporación Financiera Alba agreed to reorganise their investment structure in Naturgy, resulting in the separation of Corporación Financiera Alba as a shareholder in the joint corporate structure. As a result of the transaction, Corporación Financiera Alba now directly owns 5.01% of Naturgy’s capital and CVC holds 13.8%. CVC and Corporación Financiera Alba also agreed to terminate their existing shareholders’ agreement and to enter into a new shareholders’ agreement between them in relation to Naturgy. Clifford Chance represented Corporación Financiera Alba with a team composed by: Miguel Barredo (counsel); Maria Vilar (associate); Maria Rodrigo (associate); Javier Garcia de Enterría (consultant); Roberto Grau (senior counsel, tax); Octavio Canseco (senior associate, regulatory); Katia Gauzès (partner, Luxembourg office); Grégoire Colson (senior associate, Luxembourg office). Pérez‑Llorca represented CVC with a team composed by: Pablo González Mosqueira (partner, M&A); Álvaro Ramírez de Haro (partner, M&A); Ángel Martín (partner, M&A); Carlos Mercadal (partner, M&A solicitor).

CVC and Corporación Financiera Alba Reorganise Their Stakes in Naturgy

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