The investment firm The Carlyle Group has reached an agreement with Mubadala Investment Company, the sovereign fund of Abu
Dabi, to acquire a stake of between 30% and 40% of the Spanish oil and gas company Cepsa. The operation would be valued at between 3,206 million euros and 4,275 million euros, pending approval by the regulatory bodies.
Based on a 100% valuation of the oil company of 10,687 million euros, the deal is expected to be completed before the end of this year, according to the information released Monday by Mubadala.
The agreement is expected to be completed before the end of the year
After the transaction, the sovereign fund of Abu Dhabi will remain the majority partner of Cepsa while Carlyle will have at least two seats on the board of directors. The CEO of the Mubadala oil and petrochemical platform, Musabbeh
Kaabi, will remain as president.
In this way, the process of dual-track carried out by the company to attract new partners through a public offer of sale and a private placement as part of the management strategy of its portfolio.
Mubadala completes the process of attracting new members
The Spanish oil and gas company has been under the ownership of Mubadala for the past three decades. However, the fund owns 100% of Cepsa since it acquired it in 2011. Last year it launched a process for the oil company's return to the stock exchange, but in mid-October it decided to suspend due to the situation in the markets. At that time, the valuation of the company was already around the more than 10,000 million euros in which the operation with Carlyle has been agreed.
Al Kaabi has been "delighted" to have reached this agreement with the US venture capital fund and to associate with them as shareholders of Cepsa. "Carlyle is an established, respected and experienced investor with significant assets under management in the global energy sector," he said in a statement.
On the other hand, the director of Carlyle International Energy Partners, Marcel
Poecke, was pleased by the partnership with Mubadala and the management team of Cepsa, since it offers "great potential and opportunities for the future in the international energy sector".
Cepsa currently operates assets in more than 20 countries throughout the oil value chain and also operates in the renewable energy sector.