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(Sharecast News) - CVC Capital Partners has completely exited its investment in Naturgy in a transaction worth over 3bn, it was revealed on Wednesday, causing shares in the Spanish energy firm to fall in Madrid.
In a regulatory filing, bookrunner Goldman Sachs revealed it had closed the placement of around 11.08% of Naturgy on behalf of Rioja Acquisition, a firm controlled by CVC.
The placement was priced at 28.55 a share, compared with Tuesday's closing price of 29.94. The total gross proceeds from the placement were 3.07bn, with the placement closing expected on Friday.
CVC also settled certain financial contracts, selling an additional 2.72% stake, fully exiting its entire 13.8% shareholding in the natural gas and electrical energy utilities company.
The move follows a 16% increase in the stock since the start of the year, as of Tuesday's closing price, and follows BlackRock's exit of its 11.4% shareholding at 25.20, which raised 2.79bn.
Naturgy shares were down 3.1% at 29.00 by 1356 BST.
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