CVC Capital Partners and Grupo AlbaGas’s Acquisition of 20% stake in Natural Fenosa


Pérez-Llorca, Garrigues, Muñoz Tamayo, Brigard & Urrutia, Beccar Varela, Carey, Mattos Filho Veiga Filho, Marrey Jr. e Quiroga, Uría Menéndez and Clifford Chance advised on the deal

Repsol SA has reached an agreement with CVC Capital Partners and Grupo Alba to sell its 20% stake in Spanish utility company Gas Natural Fenosa for €3.82 billion, or €19 a share.

The deal is subject to a shareholder’s agreement between CVC and Gas Natural’s other two big shareholders—CriteriaCaixa and Global Infrastructure Partners, or GIP, Repsol. It is also subject to regulatory approvals.

Under the terms of the deal, CVC will appoint three members to the board, replacing the Repsol-designated ones.

Gas Natural SDG, S.A. distributes natural gas. The Company operates gas storage facilities, as well as owns and operates a fiber optic backbone telecommunications networks. The company, led by

Francisco Reynes Massanet, Carlos Javier Alvarez Fernandez and Manuel Garcia Cobaleda, in 2017 recorded €23 Billion Revenues.

CVC Capital Partners Limited is a private equity firm specializing in middle market, mature, expansion, successions, management buyouts, buyins, leveraged buyouts and buyins, recapitalization, restructuring, growth, growth equity, and acquisitions in Fintech sector. The Firm, led by Rolly Van Rappard, Donald MacKenzie, Steven Koltes and Iain Parham, is based in London.

Pérez-Llorca advised CVC Capital Partners with Pedro Pérez-Llorca (Picture), Pablo González Mosqueira, Julio Lujambio, Javier Gómez, Iván Delgado, Álvaro Ramírez de Haro, Ana Alonso, José Luis Romeu, Andrés Hernández Miñana and Francisco Gómez.

Garrigues advised CVC Capital Partners Juan Reig and Álvaro Manteca.

Muñoz Tamayo & Asociados advised CVC Capital Partners with Felipe Trías Visbal, Fernando Bermúdez Durana and Jorge Alejandro Cárdenas.

Brigard & Urrutia advised CVC Capital Partners with Sergio Michelsen, Tomás Holguin and Juan Pablo Malaver.

Beccar Varela advised CVC Capital Partners with Ramón I. Moyano, Carlos Cueva, Manuel Adrogué and Gonzalo Viña.

In Chile, Carey advises CVC Capital Partners with Pablo Iacobelli, Juan Francisco Mackenna, Patricia Silberman, Carmen María Poblete and Diego Ibarrola.

In Brazil, Mattos Filho Veiga Filho, Marrey Jr. e Quiroga Advogados advised CVC Capital Partners with Rodrigo Ferreira Figueiredo, Domingo Antonio Fortunato Netto, Amadeu Carvalhaes Ribeiro, Giovani Loss, Fábio José Marino Duarte and Igor de Souza Tostes.

In Spain, Uría Menéndez advised Repsol with Cándido Paz-Ares, Carlos Paredes, Alfonso Gutiérrez, Carlos Franco, Juan Alti and Felipe Carbonell.

Clifford Chance advised Grupo Financiero Alba with Jaime Velázquez, Rodrigo Uría, Samir Azzouzi, Roberto Grau, Jorge Martín and Felipe Font.

Involved fees earner: Felipe Trias Visbal – Muñoz Tamayo & Asociados; Fernando Bermúdez Durana – Muñoz Tamayo & Asociados; Jorge Alejandro Cárdenas Cárdenas – Muñoz Tamayo & Asociados; Sergio Michelsen Jaramillo – Brigard & Urrutia; Tomas Holguin Mora – Brigard & Urrutia; Juan Pablo Malaver – Brigard & Urrutia; Ramón Moyano – Estudio Beccar Varela; Manuel Adrogué – Estudio Beccar Varela; José Carlos Cueva – Estudio Beccar Varela; Pablo Iacobelli – Carey; Patricia Silberman – Carey; Juan Francisco Mackenna – Carey; Carmenmaría Poblete – Carey; Diego Ibarrola – Carey; Rodrigo Ferreira Figueiredo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Domingos Antonio Fortunato Netto – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Fábio José Marino Duarte – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Amadeu Carvalhaes Ribeiro – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Giovani Loss – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Igor de Souza Tostes – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pedro Pérez-Llorca – Perez-Llorca; Julio Lujambio – Perez-Llorca; Javier Gómez – Perez-Llorca; Pablo González Mosqueira – Perez-Llorca; Iván Delgado – Perez-Llorca; Álvaro Ramírez de Haro – Perez-Llorca; Ana Alonso – Perez-Llorca; José Luis Romeu – Perez-Llorca; Andrés Hernández – Perez-Llorca; Francisco Gómez Apolinario – Perez-Llorca; Juan Reig – Garrigues; Álvaro Manteca Rodríguez – Garrigues; Cándido Paz-Ares – Uría Menéndez; Carlos Paredes Galego – Uría Menéndez; Carlos Franco Duque – Uría Menéndez; Alfonso Gutiérrez Hernández – Uría Menéndez; Jaime Velázquez – Clifford Chance; Samir Azzouzi – Clifford Chance; Jorge Martín – Clifford Chance; Rodrigo Uria – Clifford Chance; Felipe Font – Clifford Chance; Roberto Grau – Clifford Chance;

Law Firms: Muñoz Tamayo & Asociados; Brigard & Urrutia; Estudio Beccar Varela; Carey; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Perez-Llorca; Garrigues; Uría Menéndez; Clifford Chance;

Clients: CVC Capital Partners; Repsol; Corporacion Financiera Alba, S.A.;