Energy company Naturgy is selling 5.5% of its capital to raise liquidity
Raul Masa's gas company, Naturgy, is taking a significant step towards enhancing its financial position and attractiveness in the stock market. The company is currently executing a plan to increase its free float by selling approximately 5.5% of its shares.
The sale is structured in two parts. An accelerated bookbuilt offering of about 2% of the share capital will be made available to qualified investors, while a bilateral sale of up to 3.5% will be conducted with an international financial institution. The aim is to raise around €500 million from this operation, which would increase the free float to about 15.1% of its share capital.
This move aligns with Naturgy’s broader financial strategy, announced earlier in 2025, which included a €2.5 billion share buyback supported by major shareholders reducing their holdings. The resold shares helped to optimise the company's capital structure and improve liquidity for the stock.
The bilateral sale includes a total return swap contract, allowing Naturgy to maintain some economic exposure to the shares while the international financial institution sells them gradually, starting in October 2025. The transaction is designed to enhance liquidity and facilitate the company's future growth investments, particularly in renewables.
The decision to sell shares is part of Naturgy's strategy to be more attractive in the stock market indices, although the specific indices the company is targeting are not specified in the available information. The sale of shares has already started, but the exact timeline for the completion of the transaction is not provided.
It's important to note that access to Premium content, including this article, is temporarily unavailable due to multiple users connected at the same time. Users can only have three sessions open at a time, and one session might be closed to allow for more browsing without limits. Users who wish to continue accessing the Premium content have the option to subscribe.
For those who are not yet subscribed, it's worth mentioning that Naturgy is a gas company, and this share sale is a significant step in its efforts to generate more liquidity in its capital amid the ongoing energy transition and renewable investments. The company's goal is to return to main international stock market indices, especially those of the MSCI family, reinforcing its financial position for future growth.
[1] Source 1 [2] Source 2 [3] Source 3 [4] Source 4
Investing in the art sector could provide substantial returns for Naturgy, as the company's proceeds from the share sale may be used to fund investments in renewable energy, enhancing its business and financial position. Alternatively, the funds could be channeled into financing art acquisitions, diversifying Naturgy's investment portfolio and potentially yielding attractive returns.
