The investment firmThe Carlyle Grouphas reached an agreement with Mubadala Investment Company, the sovereign fund of Abu Dhabi, to acquire a share of between 30% and 40% of Cepsa, an operation that could thus amount toabout 4,800 millionof dollars (about 4,275 million euros), reported the company.
Specifically, the operation, which is expected to be completed by the end of this year, is based ona 100% valuationof the oil company of 12,000 million dollars (about 10,687 million euros).
Once the operation is finalized, the final shares of both parties will be confirmed. The capital for this investment will come fromCarlyle International Energy Partners I and II, Carlyle Partners VII, Carlyle Europe Partners V and a group of co-investors, the company said.
Mubadala will continue to be the majority shareholder of the company and agreement means the successful completion of the process of'dual-track', through a public offer of sale and a private placement, carried out by Mubadala to attract new partners, as part of the management strategy of its portfolio.
The sovereign fund of Abu Dhabi, which owns 100% of the oil company since it acquired it in 2011, launched the process for Cepsa's return to the stock market last year, although in mid-October it decided to suspend it due to the situation of the markets . Then, the valuation of the company was around those more than 10,000 million euros in which the operation withCarlyle.
The CEO of Mubadala oil and petrochemical platform, Musabbeh Al Kaabi,He was "delighted" to have reached this agreementwith Carlyle and to partner with them as shareholders of Cepsa. "Carlyle is a solid and respected investor with extensive experience and significant assets under management in the global energy sector," he said.
He also stressed that it is "an important milestone in the 90-year history of Cepsa" and that they share "a common vision about the strength and the business potential" of the oil company. "We have full confidence in his ability to continue with his excellent operational and financial performance, something that was reflected in the assessment we maintained throughout the process," he said.
Meanwhile, the director of Carlyle International Energy Partners, Marcel Van Poecke, was pleased by the partnership with Mubadala and theCepsa's management team, since it offers "a great potential and future opportunities in the international energy sector".
"In this way, we hope to continue building the path ofCepsa's growth for the benefit of its customers, suppliers and employees. Our team has a solid track record that combines financial and operational capabilities in the energy sector, as well as extensive experience in the entire energy value chain, from exploration (upstream) to extraction (downstream), through refining and the commercialization, "he added.
Assets of Cepsa
Cepsa currently operates assets in more than 20 countries throughout the oil value chain and also operates in the oil and gas sector.renewable energy. The company's assets include important reserves contained in the Umm Lulu and SARB deposits located off the coast of Abu Dhabi.Cepsa is also a major oil producer in Algeriaand operates in Central and South America and Southeast Asia.
In addition, the commercial business of the company directed by Pedro Miró includes an extensive network of service stations throughout the Iberian Peninsula and an integrated energy supply for Spanish consumers, which includes liquid fuels, gas and electricity.
The company owns andoperates two refineries in Spainand has committed significant investments to ensure that they remain among the most efficient in Europe and that they are well positioned to meet the new quality and emissions requirements of the IMO (International Maritime Organization) when they enter into force in January 2020.
Likewise, Cepsa is also a world leader in the production of linear alkylbenzene (LAB), a key component in the manufacture of biodegradable detergents; The new investments in LAB's manufacturing facilities are aimed at strengthening its presence in the emerging markets of Asia. It is also the second largest producer of phenol and acetone.