CVC-controlled vehicle starts bookbuilding to sell 13.8% Naturgy stake
CVC-controlled vehicle starts bookbuilding to sell 13.8% Naturgy stake By Marta Serafinko
May 26 (Reuters) - Private equity CVC Capital Partners' majority-controlled vehicle Rioja Acquisition has launched an accelerated bookbuilding process as part of a sale of its entire 13.8% stake in Spanish gas and power utility Naturgy NTGY.MC, Goldman Sachs said on Tuesday.
The total stake is worth about 4.01 billion euros ($4.66 billion) based on Naturgy's closing price of 29.94 euros on May 26.
The placement covers 107.5 million ordinary shares, representing about 11.08% of Naturgy's share capital.
Rioja Acquisition has also settled pre-existing derivative transactions, disposing of 26.4 million shares.
The placement and derivative transactions cover about 13.8% of Naturgy's share capital.
Naturgy will not receive any proceeds from the placement.
Goldman Sachs acts as both sole bookrunner for the placement and hedge counterparty in the derivative settlement.
($1 = 0.8603 euros)
(Reporting by Marta Serafinko in Gdansk, editing by Andrei Khalip)
((Marta.Serafinko@thomsonreuters.com))
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