ABU DHABI: Mubadala Investment Company and Carlyle Group Monday announced that funds affiliated with Carlyle will acquire a significant minority interest in Compania Espanola de Petroleos, Cepsa, from Mubadala.
Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated oil and gas company. As part of the agreement, Carlyle will acquire a stake in Cepsa of between 30 percent and 40 percent
The transaction is subject to customary regulatory approvals and is expected to close by end 2019. The agreement marks the successful conclusion of a dual-track process through a public offering and private placement, conducted by Mubadala to bring in new partners as part of its portfolio management strategy.
“We are pleased to have reached agreement with Carlyle and to have them partner with us as shareholders in Cepsa. Carlyle is an established, respected, and experienced investor with significant assets under management in the global energy sector,” said Musabbeh Al Kaabi, CEO of Petroleum and Petrochemicals in Mubadala.
“This represents an important milestone in Cepsa’s 90-year history. Mubadala has worked closely over the years with Cepsa’s management team to build a world-class fully integrated energy company. We now look forward to working in partnership with Carlyle which has a significant track record and energy sector capabilities, and with Cepsa’s management to further enhance and grow the business.”