BBVA, SCH, UBS and Citigroup have sold a 28% stake in Red Electrica, the Spanish electricity firm, raising €417m ($489m) on behalf of four Spanish utilities.

Endesa, Hidrocantabrico, Iberdrola and Union Fenosa each have a 10% stake in Red Electrica, and under new government regulations their stakes have to be reduced to 3% each. The book had closed by mid-morning on Wednesday.