Shares in Spanish energy group Naturgy sank after major investor BlackRock sold off part of its stake in the company.
BlackRock's Global Infrastructure Partners sold a 1.7 billion-euro ($1.99 billion) stake in Naturgy, according to a regulatory filing. The fund is one of the largest shareholders in Naturgy, according to FactSet data.
BlackRock declined to comment on the stake sale. Spokespeople for Naturgy didn't immediately respond to a request for comment.
In early trading Thursday, Madrid-listed shares in Naturgy traded 5.3% lower at 24.78 euros.
The sale via accelerated book-build accounts for approximately 7.1% of Naturgy's share capital, the Spanish market regulator said. After the sale, GIP will still retain an 11.42% stake in Naturgy, which will be subject to a 90-day lockup period, according to the filing.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby and to Aimee Look at aimee.look@wsj.com
BlackRock, Inc., formerly BlackRock Funding, Inc., is an investment management company. It provides a range of investment management and technology services to institutional and retail clients. Its diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Its product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives, and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares and exchange-traded funds, separate accounts, collective investment funds and other pooled investment vehicles. It also offers technology services, including the investment and risk management technology platform, Aladdin, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions.
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