SCHEDULE 13G: Permian Investment Partners Discloses Significant 6.3% Stake in Grifols SA Class B Shares

Permian Investment Partners and its affiliated funds have disclosed a combined beneficial ownership of 6.3% of Grifols SA's Class B Shares, held in the ordinary course of business.

Summary

• Permian Investment Partners, LP, along with its affiliated Permian Master Fund, L.P., Permian Nautilus Master Fund, LP, Permian Treble Master Fund, LP, and Permian GP, LLC, have filed a Schedule 13G disclosing their beneficial ownership in Grifols SA's Class B Shares.
• Permian Investment Partners, LP, as the investment adviser, holds shared dispositive power over 16,567,321 Class B shares, representing 6.3% of the class. This includes 16,117,321 American Depositary Receipts (ADRs) and 450,000 Ordinary Shares (ORDs).
• Permian Master Fund, L.P. beneficially owns 3,794,669 Class B shares (1.5%), comprising 3,667,088 ADRs and 127,581 ORDs.
• Permian Nautilus Master Fund, LP beneficially owns 3,483,054 Class B shares (1.3%), comprising 3,347,327 ADRs and 135,727 ORDs.
• Permian Treble Master Fund, LP beneficially owns 3,433,647 Class B shares (1.3%), all of which are ADRs.
• Permian GP, LLC, as the general partner, holds shared dispositive power over 10,711,370 Class B shares (4.1%), including 10,448,062 ADRs and 263,308 ORDs.
• The total percentage of Class B shares represented by Permian Investment Partners, LP's aggregate amount is 6.3%, based on 261,425,110 Class B shares outstanding as of December 31, 2023, as reported in Grifols SA's Annual Report on Form 20-F filed on April 19, 2024.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Grifols SA.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While a Schedule 13G is a factual disclosure, the acquisition of a significant stake by an investment firm can be interpreted as a vote of confidence in the issuer, Grifols SA. The statement that the shares were acquired in the ordinary course of business and not for control purposes suggests a long-term, non-activist investment, which is generally viewed favorably.

Positives

• A significant investment firm, Permian Investment Partners, has taken a substantial 6.3% stake in Grifols SA's Class B shares, potentially signaling confidence in the company's long-term prospects.
• The investment is stated to be in the ordinary course of business, suggesting a strategic, non-activist position.

Future Outlook

No forward-looking statements or guidance provided in this document.

Management Comments

• "Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement."
• "Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

This filing indicates a significant investment by Permian Investment Partners in Grifols SA, a company operating in the healthcare sector, specifically in plasma-derived medicines. Such investments by institutional funds are common in the industry, reflecting strategic positioning or belief in a company's long-term value.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by an institutional investor like Permian Investment Partners could be viewed positively, potentially increasing investor confidence and demand for Grifols SA's Class B shares.

Key Dates

Keywords

Grifols SA, Class B Shares, SEC filing, Schedule 13G, beneficial ownership, Permian Investment Partners, ADRs, ORDs, investment, institutional investor, healthcare, pharmaceuticals