Dubai: Abu Dhabi-based investment firm, Multiply Group, announced its acquisition of a minority stake in Breakwater Energy for Dh367 million ($100 million).
This strategic move positions Multiply Group as a part-owner of a highly profitable and diversified global upstream portfolio, primarily focused on gas assets. With a strong reserve life and a promising dividend profile, the acquisition offers significant value.
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“The minority stake in Repsol E&P through EIG’s Breakwater Energy is a good fit for our Multiply+ portfolio, which identifies attractive dividend-paying investments with mid-to-short term horizon,” said Samia Bouazza, Group CEO and Managing Director at Multiply Group. “ Multiply Group is well-positioned to continue exploring highvalue acquisition opportunities and Repsol’s plans to utilise this investment to fuel low carbon energy projects makes this transaction particularly interesting for us.”
Previously, EIG, a prominent institutional investor in the energy and infrastructure sectors, acquired a 25 per cent stake in Repsol E&P, a gas-weighted exploration and production company encompassing Repsol’s entire global upstream oil and gas operations. Repsol’s extensive portfolio spans 15 countries, with daily production exceeding 550,000 boe/d.
R. Blair Thomas, CEO of EIG said: “Energy transition is fundamentally changing our industry and requires new thinking about capital allocation and asset stewardship. We are honoured to partner with leading investors like Multiply on that journey.”
In March 2023, Breakwater Energy concluded the acquisition of Repsol E&P for approximately $4.8 billion, with Repsol retaining the remaining 75 per cent ownership. Repsol intends to utilize the transaction’s proceeds to expand their low carbon platforms worldwide. Looking ahead, Repsol and EIG envision the potential listing of the business in the United States, subject to favorable market conditions, starting in 2026.