BlackRock sold an 11.4% stake in Spanish utility Naturgy for €25.20 per share, a 5.6% discount, raising €2.79 billion and causing Naturgy shares to drop over 6%. The sale, part of BlackRock's exit following its 2024 acquisition of GIP, marked the end of its involvement in the company. Naturgy's stock fell around 7%, making it one of Europe's biggest utility decliners on Tuesday. BlackRock had previously sold a roughly 7% stake in December for €1.7 billion, also at a discount.

Following the transaction, Naturgy's shareholder structure will consist of Criteria (26%), IFM (15.5%), CVC (13.8%), Alba (5%), and Sonatrach (4.1%), with a free float of approximately 23%. Analysts at Bernstein had previously flagged "stock overhang risk" as a persistent concern, noting the placement represented GIP's complete exit from its decade-long investment.