The GIP fund, which is owned by BlackRock, has successfully completed the sale of an 11.4% stake in the Spanish utility company Naturgy, amounting to a total of €2.791 billion. This transaction was announced after the stock market closed on Monday. The shares were sold through an accelerated placement, with a placement price of €25.20 per share, representing a 5.6% discount to Naturgy's closing price of €26.70 on the same day. The impact on Naturgy's stock was immediate, with shares declining by 5.9% at the market opening following the announcement.

The transaction was executed with the assistance of JP Morgan and Goldman Sachs, who acted as coordinators for the accelerated placement. However, the details regarding the identity of the buyers for the substantial block of shares sold have not yet been disclosed. The sale marks a significant transaction in the energy sector, reflecting ongoing trends in investment and divestment involving energy companies amidst changing market conditions.

With the completion of this sale, GIP will no longer hold any shares in Naturgy, a move that may have implications for its investment strategy and the future direction of the company. This development is noteworthy for stakeholders in the energy market in Spain and beyond, as it indicates a pivotal moment for Naturgy and could influence future investor sentiment and market dynamics.