The global investment firm Carlyle Group has closed the acquisition of a 37% stake in the Spanish oil and gas company Cepsa from Abu Dhabi state-owned holding Mubadala Investment Company (United Arab Emirates). Mubadala remains the majority shareholder in Cepsa, retaining a 63% interest. Mubadala, which planned to hold an initial public offering (IPO) for at least 25% of Cepsa’s capital for October 2018, had delayed the process to an unknown date until market conditions improve on Spanish exchanges.
Cepsa is Spain's second-largest oil company woning and operating 2 refineries (plus a 50% stake in the ASESA refinery) and accounts for around 13% of the Spanish service station network. In the upstream sector, the group operates assets across the full oil value chain in more than 20 countries. Cepsa holds significant reserves contained in both the Umm Lulu and SARB fields located offshore Abu Dhabi; in addition, the group is a significant oil producer in Algeria and operates in Central and South America, and in Southeast Asia.
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