Spanish financial institution CaixaBank will sell its 9.36% interest in the Spanish oil and gas company Repsol through a disposal programme and two existing equity swaps for 1.91% and 2.7%. The market value of the stake is currently valued at more than €2.5bn. CaixaBank divested the stake because it is facing pressure from regulators and has to comply with harsher solvency requirement.
Repsol is a Spanish oil and gas company and recorded a production of 695,000 boe/d in 2017. In August 2018, it obtained a license to commercialise electricity on the Spanish retail market, which it entered after the acquisition of Viesgo's power generation, gas and electricity retail businesses in June 2018. Repsol will invest €15bn between 2018 and 2020 to reach a total of 2.5 million private customers in Spain’s electricity and gas sector and 4.5 GW of power generation capacity by 2025.