The Treaty of Utrecht was signed between Great Britain, the Dutch Republic, France, Spain, and Savory in 1713. The Treaty of Utrecht actually refers to several separate peace treaties which are simply collectively known as the Treaty of Utrecht, particularly as these treaties were signed in the City of Utrecht throughout two months of 1713.
The Treaty of Utrecht is held as the treaty (or set of treaties) which ended the so-called War of Spanish Succession and was designed to help provide for peace within Europe by preserving the balance of power between the major European nations.
The Treaty of Utrecht established Philip V as the King of Spain, while also requiring that Philip V renounce all claim to the throne of France, thereby ensuring that Spain and France would not be combined into a single nation under a single throne which neither nation wanted.
Accordingly, those who remained in France and retained a claim to the throne of France relinquished any claim they might have to the throne of Spain as a result of the inter-relatedness of the monarchies of the two nations.
Spain’s many territories were split up and given to different nations as well under the terms of the Treaty of Utrecht. For example, Gibraltar was given to Great Britain, and the Holy Roman Emperor of the time was given the Kingdom of Naples.
The Treaty of Utrecht did not entirely cease hostilities between all parties, as war continued between France and the Holy Roman Empire, and between Spain and Portugal, until more treaties were signed. But the Treaty of Utrecht was still important for how it divided up Spanish territory and dealt with matters of succession.