The GIP fund, owned by the US investment giant BlackRock, has decided to exit its stake in Naturgy. The group has announced an accelerated placement on the market of 11.4% of the gas company's capital, which, at Monday's closing price, amounts to more than €2.955 billion. With this operation, carried out by Goldman Sachs and JP Morgan, the restructuring of the energy company's capital is complete. Criteria, the investment arm of La Caixa, remains in first place, with more than 25.98% of the shares, followed by CVC, with 18.8%, and the Australian fund IFM, with 15.16%. The transaction is being carried out through a rapid process whereby the placement banks solicit orders from large institutional investors within a few hours to fully subscribe the shares. Last December, GIP III Canary, the fund holding the stake, already had reduced its stake in Naturgy through an initial accelerated placement of approximately 7.1% of the capital. It then sold at a price of €24.75 per share. Following this operation, the vehicle held 11.4% of the gas company's capital, subject to a commitment to maintain (lock-up(in financial jargon) of 90 days. This Monday, Naturgy was one of the few stocks that rose on the Spanish stock exchange, with a 1.37% increase to €26.70.