Client or Matter Name

Matter name: Project Gaslamp

Cliente: IFM Investors

Deal Description

GC acted as lead counsel as it represented IFM Investors in the merger control process carried out before Cofece in its acquisition of 105 million shares of Naturgy Energy Group, S.A.

Naturgy Energy Group, S.A. (Naturgy) is a Spanish company whose shares are publicly traded on the Madrid, Barcelona, Bilbao, and Valencia Stock Exchanges through the stock exchange interconnection system (Sistema de Interconexión Bursátil – SIBE).

The transaction resulted in the acceptance of a partial voluntary offer for 105 million shares representing a non-controlling stake of up to 10.831% of the share capital of Naturgy.

The offer was made public on January 26th, 2021.

Because of the transaction, IFM Investors acquired an indirect and non-controlling interest of up to 10.831% in Naturgy’s Mexican Subsidiaries.

The consideration for the Offer was EUR 22.07 for share.

GC’s antitrust team successfully obtained merger approval without remedies from COFECE in a short period of time

Highlight Description

Represented IFM, in its partial voluntary offer in the purchase of 105 million shares, representing a non-controlling stake of up to 10.831% of Naturgy Energy Group, S.A., by which IFM acquired an indirect and non-controlling interest of Naturgy’s Mexican Subsidiaries.

Innovation & Additional Comments

We obtained the approval of this transaction without COFECE requesting Naturgy’s appearance as a filing party.


Multi-juridictional transaction.

Governing Law

Mexican Antitrust Statute.

Deal Value

  • The total amount was EUR 2.3 billion

Deal Duration, Date of Closing / Signing

  • Start: December 2020
  • End: October 19, 2021

Practice Area

  • Antitrust

Team GC
Involved antitrust team:

  • Cristina Massa Sánchez
  • Patricio Martínez Osorio
  • Daniel Gonzalez Contreras

Other Firms Involved

  • Allen & Overy LLP as global counsel to IFM Investors and Linklaters LLP as counsel to Naturgy.