Newsletter Edition 93
Dec 11, 2025
BlackRock Sells 7% Stake in Naturgy for Approximately $2 Billion – One of Europe’s Largest Energy Block Trades in Years
BlackRock has sold a roughly 7.1% stake in Spanish energy utility Naturgy through an accelerated bookbuild, raising approximately $1.99 billion, according to Reuters. The transaction is considered one of the largest block trades in the European energy sector in recent years. Shares were sold at a 5.4% discount to the previous closing price, putting some pressure on the remaining stake.
The sale comes only months after BlackRock completed the acquisition of Global Infrastructure Partners (GIP), through which the firm initially gained a significant Naturgy position. Analysts interpret the move as a potential strategic rebalancing of BlackRock’s infrastructure exposure amid rising financing costs and increasing regulatory complexity in European energy markets.
Despite the divestment, BlackRock remains a major shareholder in Naturgy, holding just over 11%. Naturgy itself is in the midst of a strategic transition, aiming to strengthen its regulated networks business while expanding its renewable energy footprint – an area that continues to attract significant private-market capital.
Source: https://www.reuters.com/business/energy/blackrock-sell-7-stake-naturgy-accelerated-sale-2025-12-10/
Oakley Capital Strengthens Deal Team and Eyes Paris Office – Fund VI Nears €4.5bn Final Close
Private equity firm Oakley Capital is expanding its European investment capabilities and has hired former EQT dealmaker Pierre-Henri Vacher-Lavenu to support its continent-wide buyout activity. His focus will lie particularly on technology-driven investments, an area where Oakley has built strong momentum over the past years, especially in software, digital education and consumer tech.
In parallel, Oakley is evaluating the opening of a Paris office, reflecting the firm’s ambition to deepen its footprint in continental Europe. France remains one of the most active PE markets in the region, and a local presence would give Oakley enhanced access to dealflow and management teams.
On the fundraising front, Oakley’s sixth flagship fund is approaching a final close of around €4.5 billion, marking a significant step up from its predecessor (€2.8 billion). The majority of commitments have come from existing LPs, underlining strong investor confidence in Oakley’s performance. With the larger fund, Oakley is expected to scale its buy-and-build strategies, which have generated robust value creation across prior vehicles.
The expansion of both team and geographic footprint comes at a time of increasing competition in European mid-market deals, positioning Oakley to capture more proprietary opportunities.
Source: https://www.fnlondon.com/articles/oakley-hires-eqt-dealmaker-as-it-mulls-paris-office-a877aa65
PAG Invests $2.8bn in Wanda Shopping Malls – Largest China Real Estate Transaction Since 2021
Private equity firm PAG has committed around $2.8 billion to acquire a controlling stake in a shopping-mall operations business previously built by Dalian Wanda Group, according to Bloomberg. The investment forms part of a broader $6.3 billion financing package to take ownership of a large Wanda mall portfolio – marking the biggest cross-border real estate transaction in China since 2021.
The deal is notable given the prolonged downturn in China’s property sector. While many investors have stepped back from the market, PAG is making a targeted consumer-focused bet on mall assets that have demonstrated resilient foot traffic and stable cash flows. The malls host major international brands such as Adidas, Nike and Starbucks, positioning them as attractive long-term income-generating assets.
Wanda, once China’s most aggressive commercial real estate developer, has spent recent years reducing leverage by divesting several high-profile assets, including theme parks and its stake in Legendary Entertainment. The mall divestment is part of this broader deleveraging strategy.
The transaction has drawn capital from a consortium of institutional investors, including Sunshine Life Insurance, Tencent, and a JD.com-backed investment vehicle. For many analysts, the deal signals that private equity firms are beginning to selectively re-enter China – particularly in sectors with operational stability and strong consumer fundamentals.
