Pontegadea, the business group with which Amancio Ortega manages its assets, announced this Thursday the purchase of 5% of Red Eléctrica de España (REE), the company that operates the electricity grid in the country, in an operation that has been communicated to the National Securities Market Commission (CNMV). With the acquisition, valued at 456 million euros, the founder and largest shareholder of Inditex also becomes the second largest shareholder of REE, only behind the State, which has 20% through the Sociedad Estatal de Participaciones Industriales (SEPI ). It thus overtakes the fund manager BlackRock, which is now the third shareholder with 3% of the shares.
For Pontegadea, the operation “involves the incorporation of a quality asset” to the company’s investments, according to sources from the same, who have pointed out the “vocation of long-term permanence” in Red Eléctrica. Of this, they highlighted that it is “a company in the energy infrastructure sector with an adequate environmental, social and good governance strategy”. REE shares have closed on the Stock Exchange this Thursday with a value of 16.86 euros, after an advance of 1.57% during the day.
The 5% stake, equivalent to some 27 million shares, is the maximum that an investor can take in Red Eléctrica, according to the company’s bylaws. These impose limits to guarantee independence, since the activity of REE, responsible for transporting electricity in Spain, is considered an essential service. In the same way, they establish that the State can never have less than 10% (half of what the SEPI currently has).
The Pontegadea Group is the family office of the richest man in Spain, a conglomerate of companies through which he conducts his investments. His main source of income, according to the accounts also known this Thursday, are the dividends he obtains precisely for his almost 60% stake in Inditex, the textile giant that he founded six decades ago and that owns brands such as Zara or Massimo Dutti . And its investments are mainly focused on real estate assets, whose valuation last year exceeded 14,000 million euros.
REE’s is not the only industrial-type investment in Pontegadea, nor is it an exception in its asset portfolio. The group owns, in addition to 59.29% of Inditex, 9.99% of Telxius, a subsidiary of Telefónica focused mainly on telecommunications networks, and at the end of 2019 it also acquired 5% of the company’s shares energy Enagás. And it is not the first operation he performs this year either. In February it was learned that Pontegadea had acquired a hotel on the coast of Cádiz for 25 million and this same month the group confirmed the acquisition of a building in central London, becoming the owner of the Cinven fund, which has its headquarters there. campus. This operation was valued at 220 million euros.