The Entrecanales family, the largest shareholder in Spanish energy and infrastructure group Acciona, has put 1.65 million shares up for sale, representing 3% of the company's share capital and valued at 381 million euros. The sale is being carried out through an accelerated bookbuild placement aimed at helping certain family members diversify their investment portfolios.
According to a filing made Monday with Spain's National Securities Market Commission (CNMV), the Entrecanales family is executing the operation through its holding company Tussen de Grachten, which holds a 29% stake in Acciona. The family also owns another 26.1% of Acciona through a separate holding company called Wit Europese Investering, giving the family a combined 55.1% stake in the company.
Two family branches, two holding companies
Tussen de Grachten is controlled by the Entrecanales Franco branch of the family. Juan Ignacio Entrecanales Franco sits on Acciona's board as a director. Wit Europese Investering is controlled by the Entrecanales Domecq branch, and José Manuel Entrecanales Domecq serves as Acciona's chairman.
The placement is aimed exclusively at qualified and institutional investors. Morgan Stanley is acting as the sole coordinator and placement agent for the transaction.
Acciona shares closed trading at 231.2 euros, putting the value of the share package on sale at more than 381 million euros.
Diversification for non-executive family members
In the document sent to the CNMV, Acciona explained that the sale seeks to facilitate portfolio diversification for certain members of the Entrecanales family who invest through Tussen de Grachten and who do not hold executive or management positions at Acciona.
After the sale, Tussen de Grachten's stake in Acciona will fall to approximately 26%. The holding company has committed not to sell any of its remaining shares for a period of 90 days.
Acciona not receiving proceeds
Acciona is not a party to the placement and clarified that it will not receive any income from the transaction. The company also noted Tussen de Grachten's firm commitment to Acciona's business project, its alignment with the strategy the company is pursuing, and its confidence in and support for Acciona's board members and management team.
