Amancio Ortega, in Coruña, in 2018. (Photo: Europa Press via .)
The founder of Inditex, Amancio Ortega, through his company Pontegadea Inversiones, has entered the capital of the Red Eléctrica group with a 5% stake in the capital, valued at around 456 million euros.
Ortega, the richest man in Spain, has thus acquired a package of some 27,054 million shares of the company, as recorded in the records of the National Securities Market Commission (CNMV).
The shares of Red Eléctrica closed this Thursday on the stock market at a price of 16.855 euros per share, after rebounding in the trading session by 1.57%.
Ortega is the second largest shareholder in the company, only behind the State, which owns 20% of the capital through the State Industrial Participation Society (SEPI). The third main shareholder of the company is Blackrock, with 3.14%.
Ortega is the second largest shareholder of the company, only behind the State
Sources from the investment arm of Amancio Ortega indicated that “this operation responds to the demanding criteria that Pontegadea applies to all its investments, both in its main business (in the selection of its portfolio of real estate assets) and in financial investments in other sectors” .
“Participation in Red Eléctrica implies the incorporation into our portfolio of a quality asset in which we have a vocation of long-term permanence: a company in the energy infrastructure sector with an adequate environmental, social and good governance (ESG) strategy ”, They explained.
The participation is the maximum that an investor can take in the company due to legal limitations and political rights applicable to its shareholders in order to guarantee the independence of the company, given that the activities carried out by the company (energy transport electrical system and the operation of the electrical system) are considered by as an essential service.
The limit for any natural or legal person is 5% of the share capital, not being able to exercise political rights above 3%, while if the investor carries out activities in the electricity sector they will not be able to exercise political rights above 1%, although owns that maximum of 5%.
The exception is the special regime for SEPI, which must have, in any case, a participation of not less than 10% of Red Eléctrica’s capital stock.
Ortega already owns 5% of Enagás
This is Amancio Ortega’s second in the regulated energy business. In December 2019, Pontegadea already landed at Enagás, the gas network manager, with the purchase of 5% of the capital for an amount of 281.63 million euros in a capital increase carried out by the group.
In addition to these stakes and the 59.29% in Inditex, Pontegadea has significant financial stakes in Telxius (9.99%).
The Pontegadea Group, which brings together all the portfolio companies owned by Amancio Ortega, its subsidiaries engaged in the real estate business and other financial holdings, closed the 2020 financial year with a net profit of 666 million euros, which represents a drop of 62 % compared to the previous year, the first in its history.
The firm, which was established in 2001, achieves this benefit in a year marked by the covid-19 pandemic after accounting for 60 million euros in donations to the Amancio Ortega Foundation, as explained.
Likewise, the investment arm of the founder of Inditex closed the 2020 financial year with a turnover of 1,282 million euros, which represents a decrease of 43% compared to the 2,261 million reached a year earlier.
This article originally appeared on The HuffPost and has been updated.