Amancio Ortega sells stake in REN to Portuguese State

Amancio Ortega, the owner of Zara, has completed the sale of his stake in the Portuguese energy company REN (Redes Energéticas Nacionais) to the Portuguese State for a total of 380 million euros.

Since entering the company in July 2021, Ortega’s shares appreciated by 50% to over 3.5 euros. Including a 55 million euro premium paid by the State to acquire the participation, Ortega realized a profit of over 160 million euros within five years. This return represents approximately 75% of his initial investment value from 2021.

The Portuguese government stated that increasing its stake is a tool to defend public interest and energy security, allowing the State to influence decisions from within the company. The Minister of Environment and Energy noted that the move aims to support investments in solar and renewable energy to help lower electricity costs. The State maintains a working relationship with China State Grid, the company’s largest shareholder.