Amancio Ortega's holding company, founder of Inditex and owner of Zara, formalized the sale of 13.7% of REN's capital (Redes Energéticas Nacionais) to Parpública, a Portuguese state-owned company. The transaction involved 91,723,676 shares and was conducted over-the-counter, following the fulfillment of the suspensive condition stipulated in the purchase and sale agreement signed on August 14. The prior approval from the Court of Auditors was the only remaining requirement for the completion of the operation, which the prime minister justified as necessary to safeguard national interest and lower energy prices.
With this sale, Pontegadea Inversiones no longer held any qualified stake, voting rights, or shares in REN. Until then, it was the second-largest shareholder of the company that manages the national energy grids. The largest shareholder remains State Grid Corporation of China, with 25% of the capital.
The exact value of the operation was not disclosed, maintaining the opacity that had already characterized the initial transaction in 2021, when Pontegadea purchased 12% of REN from Mazoon, a company of Oman Oil, for an estimated value of approximately 190 million euros, based on the share price of 12.06 euros at that time. The remaining 1.7% now sold was acquired in the second half of 2025, a period during which REN shares traded between 3 and 3.4 euros, representing an estimated investment of between 30 and 38.5 million euros.
In total, Pontegadea achieved a capital gain from its investment in REN of between 96.2 and 104.7 million euros, depending on the value used as reference for the cost of the position increase. Over five years, the owner of Zara profited up to 169 million euros with this financial investment in Portugal.
