Clifford Chance advises Corporación Financiera Alba on the reorganisation of its investment structure with CVC in Naturgy and the renewal of its partner agreement with CVC

Clifford Chance has advised Corporación Financiera Alba on the reorganisation of its investment structure in Rioja Investments S.à r.l. (mainly owned by the CVC Funds) and on the renewal of its shareholders’ agreement.

In the resulting structure, Corporación Financiera Alba will now hold a direct stake of 5.01% in the share capital of Naturgy, and Rioja Investments S.á r.l. will maintain its stake of 13.80%. The new structure allows both partners greater flexibility without altering the governance or joint objectives of their investment in Naturgy.

The Clifford Chance team that advised Corporación Financiera Alba was led by counsel Miguel Barredo, with the support of associates Maria Vilar and Maria Rodrigo and consultant Javier Garcia de Enterría. In addition, senior counsel Roberto Grau collaborated on the tax aspects of the transaction while senior associate Octavio Canseco provided regulatory advice. Partner Katia Gauzès and senior associate Grégoire Colson of the Luxembourg office also provided support.