Naturgy's Main Shareholder Inks JV

Spanish gas and power utility Naturgy’s largest owner, Criteria Caixa, has formed a new partnership – thus increasing its voting rights to 25.55%, from previously 24%.

In a stock market filing October 3, Criteria Caixa – the investment fund arm of Barcelona-based savings bank La Caixa – announced the formation of a new syndicated share agreement between itself and another local Spanish investor, formed from two branches of the Godia family. This creates a new vehicle called 'Energia Boreal' that owns 5% of the shares of Naturgy (formerly Gas Natural).

Criteria Caixa thus retains a direct stake in Naturgy of 20.42% but in addition holds an indirect 3.6% stake through Energia Boreal, a spokesperson for Criteria told NGW.  The remaining 1.4% interest in Boreal belongs to the Godia family. Criteria will thus hold voting rights over both its direct but also the Boreal joint venture's stakes in Naturgy (about 25.55%) but have only 20.42% economic rights.

“The structure is complex but the aim is clear: to go hand in hand with a well-known and trusted partner,” the Criteria spokesman told NGW.

Prior to the creation of Boreal, Criteria Caixa held a direct stake of about 24% in Naturgy.

Naturgy’s other key shareholdings  – particularly New York-based fund Global Investment Partners (GIP) 20% and the 20.1% held by Rioja Bidco (a joint venture of London venture capital fund CVC and Spanish investors) – are unchanged from last month. Moreover, shareholding agreements between Criteria, GIP and CVC/Rioja are still in place. Smaller Naturgy shareholders are Algerian state producer Sonatrach with 4% equity and Capital Group 3%.  Institutional and retail investors hold the balance of shares in Naturgy (about 30%).

GIP became a core Naturgy shareholder in 2016, while CVC followed this year - the latter replacing Repsol which had been a shareholder for 19 years.  Then Criteria Caixa then divested from Repsol.