By Mauro Orru 
 

Shares in Naturgy Energy Group SA jumped Tuesday after IFM Global Infrastructure Fund unveiled a 5.06 billion-euro ($6.14 billion) cash offer for a stake in the Spanish energy company.

At 0847 GMT, Naturgy shares traded 16% higher at EUR22.22.

IFM Global Infrastructure Fund is making the offer through a vehicle it owns--Global InfraCo O (2) Sarl--to acquire a 22.69% stake in Naturgy for EUR23 a share, representing a 20% premium on Monday's market close.

The offer is subject to Global InfraCo O (2) Sarl obtaining at least 17% of all Naturgy's share capital.

Naturgy shareholders Rioja Acquisition Sarl and GIP III Canary 1 Sarl, which own a combined stake of 41.36% in the company, won't tender their shares but agreed to work with the offeror so that Global InfraCo O (2) Sarl can designate members to Naturgy's board of directors.

"IFM's entrance into Naturgy's capital would add another private equity fund to the company's shareholder structure, which may lead to additional changes to Naturgy's strategy," said ING analyst Nadege Tillier following the news.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

January 26, 2021 04:10 ET (09:10 GMT)

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